All Topics / Finance / Wanted Wrap Mortgage on a Motel
Hi everyone
I own a lease on a motel and although i own a couple of houses i can not extend myself to borrow enough money to purchase the freehold. The property needs some work
Purchase price including costs 650K over 15yrs
I Pay currently 70K rent per year $5880 per month inclusive of GST
I am trying to find a lender that can get 650K for me which i can repay @ 8.5-9.%
If the borrower can get the finance @ 7.25 they would make $11,200per Annum after costs for 2 yrs only
then re negotiate how we devide the profit from the dealThe monies that I save between Renting and Purchase would be spent doing essential repairs that the current owner refuses to do. This would also increase the value of the property (includes re painting)
please if this Intrests anyone get in touch[glum2]I will be able to assist you with your query on 0413 594 675.
Cheers
Equity Finance & Mortagage
Mortgage Advisor mob: 0413 594 675
Residental & Commercial Specialist
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