Trusts don't have directors, they have trustees. An individual can be trustee or a company can be (or a combination!).

Whose name you should purchase in will depend on your situation but I generally recommend using only 1 name to own or guarantee investment properties as it reduces risk and may help you borrow more in the long run.

You could get a 2 year option and then sell all before this time.

Yes bridging can be hard to get. The main thing is the time factor now – everything is slow at Christmas so they probably won't know for a while if they can actually get the finance so prepare for them pulling out at the last min and don't count on settlement occuring, but it still might. You may be able to terminate the contract and look for another buyer – but I would keep it with them for now and keep looking and if you find someone then terminate just before signing up the new one.

Seems like you may have told the bank too much.

And what state are you in?

I think Dan is based in Brisbane. Why not ask him,

Yes business loans are usually more expensive. Not sure why yours is a business loan now.
You could have used a line of credit loan so you only pay interest on the funds drawn – maybe this one has redraw.
in 6 months you will need to requalify for a new loan, so it will depend on your situation at that time. Bank Policies do change too and they seem to be getting tougher.
You have accepted their offer so probably have a binding contract, but you should be able to exit that contract by notifiying them. Exit fees etc would be payable but if you haven't drawn any funds they may not charge you.

I would suggest you just try to increase your existing loan and have it as a split loan in the form of a LOC. But this may not be possible now, depending on what you have told the NAB already. Also it may be difficult to do as the banks are not giving access to large sums ($10k+) of cash without knowing exactly what it will be used for.

It is not good to be in the middle of a project and to require more funds and this to be at the will of the bank – they will have an even tighter grip on your balls and will be squeezing harder.

They would have paid a small holding deposit which she would be able to keep, but not the full 10%.

Delmar, please tell us the wording of the finance clause.

You should never sign a contract without getting legal advice. you had better talk to your lawyer asap.

But that is what you agreed to by allowing a finance clause. You could have said you would only accept an unconditional offer which would mean the contract would be binding on signing and exchange.