Hi Guys,
this is really again addressed to the mortgage brokers, but what im interested to know is, i want to know is there any other lender out there..
… apart from the usually secuirty as cash and property, being collateral or deposits for property….
… is there any other lender that will take any other forms of security…
what i do remember is, being at robert kiyosaki’s seminar about a year ago… he mentioned, how he used his “rollex watch” as a security (collateral) in purchasing property…
what i want to find out is.. is there any lender out there.. who take different forms of security..
Cheers,
sisYes. Some brokers have access to lenders who will take security over anything of value. That could be a lease, hire purchase or rental arrangement. The most common item used is motore vehicles.
There is also the more expensive unsecured credit or personal loans.
Robert Bou-Hamdan
Mortgage AdviserHi Rob,
sorry to be a pain again.. would you know any good lenders, who take jewellery, as security.. and do you know roughly what there interest rate they charge… or how much of the value of the asset they will look at as security, in a property purchase… (such as jewllery)
Cheers,
sisI have never asked about jewellery but get your broker to call me and I will give them the details of the lender as you will not be able to go direct. My number is 0414 347 771.
Robert Bou-Hamdan
Mortgage AdviserGreat Idea SiS..
TMA..
I can remember going for my first loan (many years ago) and the Bank took my car, jewelery and even furniture etc into account as collateral(there was some mention of my first born also i think), now..they dont really seem to care..
as the Cadbury Professor used to say “why is this so..”
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow Calculatorlol…
Thanks Rob and Redwing,
why im thinking this way is.. i know a public trustee place, where they auction off jewellery, there not for a profit, but to make the sale, and each week they auction off many different things, though attending one auction, some jewellery was selling for a 90% discount.
the idea is to buy the cheap jewellery, get a valuation certificate and photo, and then use them as collateral for a property purchase…
some like alot of work, but if you can purchase $20k worth of jewllery for $2k and the valuation comes at still $20k for the jewellery, and if they look at either 50% -80% of that complete value, you still have more than enough
… for the purchase of a $100k loan and maybe for legals and duties… though this is just an idea.. (but a serious idea… )
Cheers,
sis… just thinking outside the square, for otherways to secure property, than property or cash as a deposit…
…but thanks Rob, for your very informed information you have me… much appreciated…
Now that is thinking outside the square!
Terryw
Discover Home Loans
Mortgage Broker
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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