All Topics / Hotch Potch / Getting Finance

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  • Profile photo of KFJKFJ
    Member
    @kfj
    Join Date: 2004
    Post Count: 0
    March 29, 2004 - 11:12 am

    Hi there, new to the site and the concept of wrapping. Would like some info on getting finance to complete wraps. I recently spoke to my accountant who said that some banks are not keen on financing for on selling. I also have two negatively geared properties, both with first mortgage to one of the BIG4 banks. I see that Steve’s wrap pack talks about finance but it is a lot of money to outlay just to find out about the finance side. If anyone has expereince or words of wisdom I would love to hear from you.

    [biggrin]

    KFJ

    Profile photo of Paul DobsonPaul Dobson
    Participant
    @pauldobson
    Join Date: 2003
    Post Count: 1,196
    March 29, 2004 - 2:10 pm

    Hi KFJ

    If you join the Vendor Finance (Wraps) Association you will find a mortgage broker there who has a loan product which he promotes as having both “Funders” and “Lenders Mortgage Insurance providers” approval to use for on-selling using vendor finance, i.e. wraps. The Association’s website is at
    http://www.financewraps.asn.au
    You will find reference to this product on the members forum.

    As an aside, I think you might have it wrong with your comment about the wraps pack(s) being “a lot of money to outlay just to find out about the finance side”. It’s what you don’t know in this pursuit (as with many others) that will hurt you. And anyway you will recoup the cost of the wrap pack(s) on your first wrap. My suggestion. don’t scrimp on your education.

    I hope this helps.

    Cheers, Paul

    Paul Dobson | Vendor Finance Institute
    http://www.vendorfinanceinstitute.com.au
    Email Me | Phone Me

    An alternative way to finance your home.

    Profile photo of brentbrent
    Participant
    @brent
    Join Date: 2001
    Post Count: 165
    March 29, 2004 - 2:34 pm

    Hi KFJ,

    Coz’ I’ve always got my ear to the ground [suave2] (really, because I work at PI.com), I’ve heard about some financiers coming up with finance products designed for wrappers.

    These products have gone through their trial run, and are now on the market permanantly.

    I don’t know how good they are, having never used them, but perhaps one of the mortgage brokers can help out here?… Simon? Stuart? D’you guys have any contacts here?

    Brent Hodgson
    PropertyInvesting.com
    Admin Manager

    I’m going on a property buying tour! Want to receive the e-mail diary of my trip, hear about some of the great Positive Cashflow deals I find, and perhaps discover some great opportunities for yourself? PM me!

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