Hi everyone, I have a tough question for you.
I am wanting to purchase a property with an extended family member. I have a Company/Trust structure but my family member (who is a beneficiary) does not. Neither one of us is able to borrow the full amount required to purchase and then sub-divide the property and build a second house. How can we go about borrowing the required funds and whose/what name goes on the contract if both of our lenders will require a mortgage over the same property?I pay my conveyancer for this sort of advice.
Given that both stakeholders would be entities, could they just be on the contract the same as if they were just two people? I dont know.Hi Louis,
One option would be to arrange finance with One lender in both names, e.g. J Smith Trust and Fred Bloggs
Names on title would read the same, e.g. J Smith Trust and Fred Bloggs.
Purchaser names on the contract of sale could read e.g. J Smith Trust and or nominee,
or J Smith Trust & Fred Bloggs.Regards
Steven
Mortgage Broker
Mobile Mortgage Market[email protected]
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Ph:1800 820 500
VICTORIAPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
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