Was wandering if anyone is structured under the NAB’s Port Folio Facility as opposed to just a single line of credit. I have an appointment with my accountant to discuss this facility, but would appreciate any opinion.
My wife and I have four I.P.’s & own our PPOR debt free, have spoke to the bank and have an unofficial approval of $500,000 spread over up to 12 sub-accounts. Obviously financial discipline is paramount which isn’t a problem for us, but we are ramping up portfolio and like the sound of this product.
Hate to say it means cross collateralising securities so would never recommend it to a client.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Richard. I was also told the St George one (with many sub accounts) was the same.
If this is the case why does the contract for each loan only mention the purchased property used as collateral?
Deposits taken out of LOC. Each loan is for 80% of IP. How is that crossed? Or is that a different setup?
Hi Catlyst
You are referring to the Portfolio product the Dragon offers with 10 splits.
If it is done under their Professional package it is a condition of the package that all loans are crossed irrespective of the name and security shown on the offer letter.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
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