Has anyone any further info or exposure to the case where an investor, “takes over/assumes” a motivated vendor’s loan, in order to purchase without needing to arrange finance?
This is quite common in the states, but not so much here. Any ideas? Thanks.Our mortgage system is just not structured to do that. Is a case of a new loan after purchase as per any other property. Unless you had an existing LOC that could cover it then it is a cash deal.
Simon Macks
Residential and Commercial Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Our loans would not work with that I am not sure what you are trying to achieve by doing this? Maybe they could do vendor finance for you
Wayne
Mortgage Adviser
Email [email protected]
http://www.alphamortgagesolutions.com.au
Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service we come to you!One of my friends has done this, or something similar. She sold her unit to a friend, but kept the loan and the title in her name. Not sure why. Her friend pays all expenses including interest.
But this can be a problem if things go wrong. What if the title owner were to go bankrupt for example – a legal mess.
Terryw
Discover Home Loans
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Send an email to get my newsletter.Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Hi
In the sates they dont tell the bank they are doing it either.
It’s regarded by many in the us as a better way of doing a LO.
cheers eddie
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