Terryw,
This is from an old post titled Challenge. I was wondering if you could answer this question for myself and others.erry W – What is short term money lending with caveats and how do I get into it?
Thanks,
SamwiseHi Dom
What about short term lending secured by caveats. rates are around 5 to 10% per month. I have done this, it is risky and scarey, but good money – $4000 to $8000 per month in your example of $80,000.
Also look at businesses. I have purchased a business returning 100% in year 1. (I’m not going to say what it is).
Terryw
Discover Home Loans
North Sydney
[email protected]Sam
Have a look in the paper at all the ads in the finance section.
Some people require money very quickly for short periods. eg they may have sold one house, but have to settle on a new house before the old one settles.
These loans are securred by a caveat on the client’s properties. It is very risky, so the charges are high – 6 to 10% per month in interest.
You will need to find customers – ie approach mortgage borkers and/or put ads in the paper. And you will need a solicitor who can draw up relevant documents.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Originally posted by Terryw:Sam
Have a look in the paper at all the ads in the finance section.
Some people require money very quickly for short periods. eg they may have sold one house, but have to settle on a new house before the old one settles.
These loans are securred by a caveat on the client’s properties. It is very risky, so the charges are high – 6 to 10% per month in interest.
You will need to find customers – ie approach mortgage borkers and/or put ads in the paper. And you will need a solicitor who can draw up relevant documents.
Terryw
Discover Home Loans
North Sydney
[email protected]Hi Terry,
Do you think the deal under the Consummer Credit Code Guide?Julian
THERE IS ALWAYS A BETTER WAY!
No. Only lend for investments.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Hi Terry,
These loans are securred by a caveat on the client’s properties. It is very risky, so the charges are high – 6 to 10% per month in interest.
Is it mean the APR is higher than 50% pa, Does it any ceiling rate restrict by law ?
Julian
THERE IS ALWAYS A BETTER WAY!
Julian
not that I know of.Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Originally posted by Terryw:Julian
not that I know of.Terryw
Discover Home Loans
North Sydney
[email protected]Hi Terry,
i don’t know your business, Your meaning is that if i borrow the money for investment purpose (say, buying share, IP, antique..), that kind of loan is no a interest rate ceiling limit, it is just subject to mutual loan aggreement, Is it right? [specool]
but how can you know i use the money for investment?[inlove]Julian [worried]
THERE IS ALWAYS A BETTER WAY!
Julian
If the long is for investment or business purposes it is not regulated by the UCCC. ANd as far as I am aware, there is not itnerest rate ceiling imposed. You know the money is for investment by getting the customer to sign a declaration as to the purpose of the funds.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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