Hi Folks,
I have a brand new 2 bed unit, that i intended flipping. It owes me $480K and if i settle i will have a $380K loan on it. Is there any smart cookies out there that can advise me on a creative way i could wrap this deal?.
Kind Regards,
Don
0412 401 047“To have more than more than you’ve got, become more than you are”
Whats it worth?
Generally wrappers add 20% to the value, and then 2-3% on the nterest rate too.
Terryw
Discover Home Loans
Parramatta
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Hi Terry,
Whats it worth?
Good question. I bought the property for $465 with 20% bartercard component. So if I have to settle on the property I will have a cash loan of $372 + stamps. I think if I had to sell the property quickly it would sell $420 – $450.So I feel my options are:
1.) Sell it cheap
2.) Wrap, but it would have to be creative to make the loan repayments affordable to the buyer. (that is where im pretty stuck)
3.) second mortgage carry back
4.) lease option
5.) cryI’m attempting to put one the above options in place (to avoid option 5.) Any feedback would be most appreciative Terry.
Kind Regards,
Don
“To have more than more than you’ve got, become more than you are”
What about a 2nd mortgage carryback? You could sell for $450,000 and lend them the 10% deposit and you would still get some cash out of it.
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
Yes not a bad idea Terry,
My agent is going to advertise this week, i will write a hook for her to put in the ad, like “low deposit easy finance included”
[strum]
Thank you
Cheers,Don
“To have more than more than you’ve got, become more than you are”
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