Darryl

Currently our deals in the US are being done at around 6.17% (closed last deal on the 2nd February 2006) for Foreign Nationals.

What varies is the State you are referring to and whether the loan is less than $50USD

Happy to cast my eye over your position for you.

Richard Taylor
Residential & Commercial Finance Broker
Licensed…[Read more]

Ned

Usually when you calculate serviceability it is easier to work from Gross monthly income and then calculate the actual tax payable.

This avoids any distortion when it comes to items such as salary sacrificing, spouse super contributions etc etc.

Rent is then applied depending on the percentage the lender allows (rule of thumb is 70-80%) and…[Read more]

I agree again with Terry.

How many applications St George or Westpac take where you have an unpaid default for $501 for non payment of your telephone a/c?

If anything i think the quality of applications is getting better for wrapping.

Richard Taylor
Residential & Commercial Finance Broker
Licensed Financial Planner
Ph: 07 3720…[Read more]

I have to say receiving a $10K deposit in wrapping is unusual but in most states you are entitles to receive the FHOG if the wrapper qualifies. The timing of the payment will differ from State to Satet.

Wrapping itself is a business and takes time like any new business to develop. Each deal you do you will become more confident and find ways to…[Read more]

Phil

Why would you want a money partner when you can borrow against the GR of the project from a traditional lender.

With interest rates at around 7-9% dependant on the rest of the deal this would have to be cheaper than private money with partners wanting a higher rate of return.

2/3 units is nothing in the way of development. What you would…[Read more]

As someone who has spent the last 10 years in Qld working in the Vendor Finance market i believe every investment carries a form of risk.

It is just about how you approach the managment of that risk and also the strategies you use to diversify your risk. Education is key and dealing with professional in their field is important especially when…[Read more]

Yes we have a lender that will lend in NY State with a minimum loan of $15,000 USD and will happily lend to FN’s and LLC’s.

Biggest problem we have found over the last 2 years is that many FN’s are paying over the odd’s for their WNY property and that is born in the Bank valuations.

As Chad mentioned do your DD in NY and get yourself an…[Read more]

Hi Coops

Welcome to the forum.

Negative equity is something many people have stated to experience over the last year or 2 whilst the property market has cooled however as long as the reasons you purchased the original property still exist do not panic and whatever you do do not sell for selling sake.

I am assuming that the property is rented…[Read more]

Hi Karen

The Buy To Let style mortgage in the UK has been around for around 20 years and was certainly popular in the 80’s.

However in saying that the lodoc and no doc market is the UK is more mature than Australia and up until 1991 CSBC used to offer a 75% LVR with a valuation only and no other references at standard housing rates.

Many…[Read more]

Sam

I guess one consideration is any possible CGT you might end up paying on the sale of the property.

If you make $50K clear and end up paying tax of say $25K then the exercise would not seem worth it.

Have considered alternatives like selling the property to a spouse or Trust and using the balance of the sale proceeds to reduce your debt on…[Read more]

Having a TFN will have no benefit in getting a loan above 70/80% as even with a decent FICO score you will still be treated as a FN.

As a consequence an investment property falls under the Patriot Act and your choices are limited dependant on the State you purchase in.

Richard Taylor
Residential & Commercial Finance Broker
Ph: 07 3720…[Read more]

Angel

Some lenders offer 100% and some believe it or not go upto 106% of the purchase price.

I organise many loans for self employed clients at high LVR’s and assure you that lenders in general dont have a problem with the S/E.

Many lenders take into account certain expenses to add back to the bottom line net profit and others take other…[Read more]

Cathyrob

Financing using a US property isnt that difficult if you stick to a few basic rules. One is accept the lower LVR 70/80% and understand some of the legislation which prohibits lending for investment property in certain area and under certain loan amounts.

Richard Taylor
Residential & Commercial Finance Broker
Ph: 07 3720…[Read more]

Those sorts of rates are available to Aussies wishing to purchase investment properties in this country even if they reside in the Country or overseas.

Currencies which we arrange loans in are:
Hong Kong dollar (HKD)
United States dollar (USD)
Singapore dollar (SGD)
British Pound Sterling (GBP)
New Zealand dollar (NZD)
Euro (EUR)

Main criteria…[Read more]

Leighton

Simon is as always bang on.

Try checking out the OSR in your particular State and you can see the requirments for qualification.

Richard Taylor
Residential & Commercial Finance Broker
Ph: 07 3720 1888
richard@yourstatefinance.com

Firstly i would have throught with a combined residential / commercial residence you would get more than 70% LVR.

On the assumption you can’t wouldn’t you just refinance maybe the PPOR or IP to 90% (work out what is required for settlement and calculate the lowest mortgage insurance cost) and utilise the funds to bridge the difference.

Richard…[Read more]

From what you say he will not accept an offer of $180K even if he strapped for cash however maybe be interested in you wrapping it from him.

Assume you offered him the 270K although payable on a series of installments over say 25 years he would get the benefit of the cash flow and reduced tax liability (working on the emerging profits rule) and…[Read more]

Hi Brizza

There are a few lenders that will waive the requirement of seeing a saved deposit and they offer the same terms conditions, fees and charges that they offer their other clients.

Some charge a higher interest rate but in the main you should be able to obtain a great deal these days.

Richard Taylor
Residential & Commercial Finance…[Read more]

Again depending on what State you are in The Law Society used to regulate the fees charged by lawyers.

With the opening up the whole financial services market it became open for lawyers to charge accordingly to what they could get away with hence the growth of conveyancing firms.

I wish you luck but I think you have little chance of getting a…[Read more]

Mike

it is not a matter of serviceability that lenders have an issue with wrapping more importantly the issue with the wrappee making payment to the wrappee and then the wrapper not making payment to his lender.

Protection of a caveat or not if the loan isnt paid the Bank will have the right to take possession and sell the property.

When we…[Read more]