I need a NoDoc loan for 3 new properties I want to buy
These will be bought by my Trust. ie Property will be in the name of the trust.
I need the loan to be in my name so that I can claim the interest in my tax return
Can anyone advise of specific lenders or brokers who can arrange this?
Hi Paul
I assume from your post that you personally are the Trustee rather than having a Corporate Trustee.
If that is the case the loan will be in your name “John Smith ATF The Smith Family Trust”.
If this acceptable to you I am happy to assist further.
Cheers
Richard Taylor
Residential & Commercial Finance Broker
100% Finance on selected properties in the USA.
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If you are personally trustee, it shouldn’t be a problem. The title will be in your name and the loan will be too. No need to have the loan mention the trust. I assume you have a hybrid, so having the loan in the trust name will defeat what you are trying to achieve anyway.
If you have a company as trustee, it gets a little more complicated. The title is in XX Pty Ltd, but the loan needs to be in your personal name. if this is the case, I have found Macquarie to be the best No Doc lender. 70% LVR on the No Doc or 80% on the Low Doc.
Terryw
Discover Home Loans
Parramatta
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The 2 replies are right it is defininately possible however only one or 2 lenders that will accept it. Agreed Macqaurie would be first to check.
One deal I did recently was … Title in the Co/Trust name and loan in the individuals names.(not the best way to structure a deal however they were advised to go that way) Went through ok till lender found out trust’s income was being dispersed to other beneficiaries meaning the coborrowers income was reduced by about $30K hense not servicing, So had to restructure it.
Back to the No Doc check with MB that deal with Macqaurie to make some calls.
Joshua
Multiple Property Strategist
Investor Finance
[email protected]Must admit whilst i use Macquarie I have found a couple of the other lenders better in costs and post settlement service.
Cheers
Richard Taylor
Residential & Commercial Finance Broker
100% Finance on selected properties in the USA.
Email us to be added to our mailing list.
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
So far Macquarie, Rams, City Bank are all no’s
Hi Paul
I like most other brokers do loans every day of the week with the borrower being either a Trust or Pty Ltd Company so find you Statement that the lenders outlined won’t assist.
There is obviously some other reason for you being told that the loan would not go through on a Nodoc basis as i have used a couple of the lenders mentioned in the last 2 weeks with no problem.
If you want to tell us a bot more we can assist further.
Cheers
Richard Taylor
Residential & Commercial Finance Broker
100% Finance on selected properties in the USA.
Email us to be added to our mailing list.
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Another lender to look through for No-Doc loans which i use all the time & are great …
try Capital First or Ascent Mortgage Management
PM me for more details or i can put you onto them
Alliance Finance and Property
0405151645
[email protected]The trouble with most No docs is that they are mortgage insured. There are only a few mortgage insurance companies that all the lenders use, so if you strike out at one place, you will probably strike out at another lender using the same mortgage insurer.
There is a new company that has some No Docs without mortgage insurance at all. Centra Capital. I enquired hte other day about a property in WA, and they could have done up to 65% LVR (lower than usual because of the location). Rates were around 7.88% from memory.
Terryw
Discover Home Loans
Parramatta
[email protected]
Sign up to my mailing list.
Just send me a blank email, with “subscribe†in subject line.Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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