All Topics / Finance / Financier with 40 investment properties

Viewing 14 posts - 1 through 14 (of 14 total)
  • Profile photo of freeman cooperfreeman cooper
    Member
    @freeman-cooper
    Join Date: 2006
    Post Count: 115

    Hi Guys,
    Today I sat with a lender that is going to refinance my loans.
    During the course of my time there I learnt that the lender has over 40 investment properties worth over 30 million. When I asked him why he is still working I found that he donates a large portion of profits from his business into community development projects hear and abroad in third world countries.
    He was able to draw up a plan for me, gave me invaluable advice on property investing and gave me a competitive interest rate.
    I was so impressed with the companies ethics and service that
    I decided to write about it in the forum.
    If you are interested drop me a line and I can pass your details on.

    [email protected]

    Regards
    Frank

    Profile photo of HookhamCHookhamC
    Member
    @hookhamc
    Join Date: 2007
    Post Count: 83

    Hmmm maybe you should nominate him for Australian Of The Year.

    [specool]

    Profile photo of freeman cooperfreeman cooper
    Member
    @freeman-cooper
    Join Date: 2006
    Post Count: 115

    Hi Guys,
    Details are:

    Ranges Finace
    Alan Lee (CEO)
    42c Aitken St Gisbourne 3437
    PH:1300 785 281
    http://www.rangeshomeloans.com.au

    Regards
    Frank

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    They are mortgage managers and originators which mean most of their portfolio of loans are securitised.

    Fine if that’s what you want but most property investor do not need to have every loan irrespective of the loan size mortgage insured.

    Cheers

    Richard Taylor
    Residential & Commercial Finance Broker.
    Licensed Financial Planner. Ph: 07 3720 1888
    [email protected]
    New 100% Shared Equity scheme coming soon – Email us for details.

    Richard Taylor | Australia's leading private lender

    Profile photo of freeman cooperfreeman cooper
    Member
    @freeman-cooper
    Join Date: 2006
    Post Count: 115

    Hi Richard,

    Maybe you should give him a ring.
    Im going for 2 loans with them that are not insured.
    He has 40 investment properties of his own and has steared some 600 client in similar directions.
    I understand you have a business to promote.
    Regards
    Frank

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Frank

    I assure you i have no need to promote my business.
    I have slighly more than 40 properties as anyone who has read my posts over the last 8 years will know.

    Do you wanna bet your loans are not mortgage insured ?

    Why not tell us who the lender is and we can all benefit

    Cheers

    Richard Taylor
    Residential & Commercial Finance Broker.
    Licensed Financial Planner. Ph: 07 3720 1888
    [email protected]
    New 100% Shared Equity scheme coming soon – Email us for details.

    Richard Taylor | Australia's leading private lender

    Profile photo of v8ghiav8ghia
    Member
    @v8ghia
    Join Date: 2005
    Post Count: 871

    Perhaps to clarify, and of course as a generalisation, with Mortgage insurance (LMI) the borrower pays this if the loan is more than 80% (yes, there is the very odd exception) and if not, we all assume that there is none. What actually happens though, and is usually the case with some ‘non banks’ or originators, is that there is actually still LMI for loans that have borrowings of less than 80%, but they pay it instead of us – so we assume there is none – but there still is. It does pay to check if you are planning on borrowing from a variety of lenders and signing up for lo-docs left right and centre. Of course, a handful of properties should not cause any real drama. Depends on what you are trying to achieve. And of course the mortgage originator or manager does not tell you this in most cases. Why would they need to for ‘Joe Average’ ? [strum]

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    That’s correct v8ghia. However, Most don’t realise the adverse affect this has if wanting to maximise borrowings and get multiple loans.

    Terryw
    Discover Home Loans
    [email protected]
    Send an email to get my newsletter.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of freeman cooperfreeman cooper
    Member
    @freeman-cooper
    Join Date: 2006
    Post Count: 115

    Hi Guys,

    Richard, I did post the companies details, sorry if I insulted you, just trying to share something.
    As for mortgage insurance, V8ghia is right, I just spoke to my finance guy to clarify and yet again he outlines the insurance requirements above 80% LVR.
    Less than 80% they pay, which is a small amount anyway (less than $100).
    Regards
    Frank

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    Frank

    Do you realise that this could affect your future borrowings, adversely?

    Terryw
    Discover Home Loans
    [email protected]
    Send an email to get my newsletter.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Frank

    I think you have totally misunderstood the responses you have received.

    Whether you or the lender pays the LMI is neither here nor there it is as Terry mentions more important that the loan is actually insured and will effect your future borrowings.

    Why would you not go to lender who does not insure the loan at all !!!!!!!!!!!!!!!!!!!!

    Cheers

    Richard Taylor
    Residential & Commercial Finance Broker.
    Licensed Financial Planner. Ph: 07 3720 1888
    [email protected]
    New 100% Shared Equity scheme coming soon – Email us for details.

    Richard Taylor | Australia's leading private lender

    Profile photo of freeman cooperfreeman cooper
    Member
    @freeman-cooper
    Join Date: 2006
    Post Count: 115

    Hi Richard,

    Before I answer, do you realise that this forum is for amatures as well as vetrans?

    I am very interested to know how that is adversly going to afect me,
    and I don’t know why I would’nt go to someone who does’nt have insurance, tell me why it is not a risk for a lender to not have insurance.
    I’m not a finacer, that is why I’m on this forum, why are you?????

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Freeman – Yes of course it is for all members young and old and everyone welcomes debate and opinions.

    It is just frusterating when someone posts something that is clearly incorrect and potentially damaging to those who read.

    Financing your IP and PPOR is a big decision and getting it wrong can be costly.

    You obviously have no idea who I am and why i am here.

    Just as a little background i have been a member for over 8 years and enjoy assisting members and contributing with advice and opinions on many property and investment related matters.

    I have no need to tout for business or push my own barrow but am keen to ensure that members get accurate advice from fellow members.

    Ok now to answer you post as clearly your mate didnt bother to advise you how using an insured lender can limit your future investing.

    Every time you use a securitised lender the loan is insured (whether you or the lend pays the premium is neither here ot there). As there are only 2 main insurers each of these have a lending maximum. Once you have reached that maximum then you will be unable to borrow again as the lender cannot get cover for your loan.

    If you use a lender that does not insure EVERY loan then you have more freedom and choice when you want to grow and the lender says NO. (V8Ghia has already spelt this out)

    Also did your mate suggest the loans be cross collaralised ?

    I am interested to know what advice he gave in property investing because I cannot see from their website that they hold the appropriate License to offer Financial Advice butmaybe i wrong and they just haven’t displayed it on their site.

    Cheers

    Richard Taylor
    Residential & Commercial Finance Broker.
    Licensed Financial Planner. Ph: 07 3720 1888
    [email protected]
    New Shared Equity scheme has arrived – Email us for details.

    Richard Taylor | Australia's leading private lender

    Profile photo of HookhamCHookhamC
    Member
    @hookhamc
    Join Date: 2007
    Post Count: 83

    CRICKEY!!!!

    Down boys!
    Its easy guys, no need to get narky.
    V8ghia has said all that needs to be said except that we all have two ears and one mouth and that it is important to keep relevant ratios in order.

    I think it is important to listen to guys like Richard and Terry and then use that information plus you own detailed research to outline a clear path.

    But remember to HAVE FUN!!!!!!

    [chill][chill][chill][cigar][cigar][cigar][cigar]

    Oh! and to qualify – I have a little property myself [oink][oink]

Viewing 14 posts - 1 through 14 (of 14 total)

You must be logged in to reply to this topic. If you don't have an account, you can register here.