vendor financing

Viewing 4 posts - 1 through 4 (of 4 total)

MaiA
Member
@maia
Join Date: 2005
Post Count: 42
June 8, 2006 - 2:03 am
Hi there
I am looking for a good financier who is open to/experienced in vendor financing. I am buying property and asking the vendor to leave 20% in the deal.
Also any feedback from anyone who is familiar with the above scenario, ie how did you word your contract in regards to repaying the 20% deposit?
Interested to hear anyones stories…..and experiences
Thanks[exhappy]
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
June 8, 2006 - 3:22 am
Where are you referring to here in Oz or in the USA?
I have been involved in both and some lenders are cool with it others have a problem it all depends on many things.
Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 7.14%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888
Richard Taylor | Australia's leading private lender
MaiA
Member
@maia
Join Date: 2005
Post Count: 42
June 10, 2006 - 10:26 am
Hi there
Sorry looking in NZ
Thanks for your thoughts
Kiwi-Fulla
Member
@kiwi-fulla
Join Date: 2002
Post Count: 371
June 13, 2006 - 10:34 pm
Hey Maia,
You seem to be looking for a lender that will support a second mortgage (from the vendor) and complete the sales transaction with your name (or entity) on the title… – Hope I have understood your question.
This is an easy one and all you need to do is hunt for an NZ broker/lender that has no issues with your servicability due to you have to service the full 100%lend from bother lenders … vender and the lender.
Banks will not have too many issues with it as they “Never Lose” if they are standing in first position on the mortgage .. then they are safe… and the jackals can have the leftovers if any if forced to sale.
If you a a good credit risk … then you should not have an issue sourcing the lender with an open mind to your endeavour!
Cheers
Kiwi
Why Rent? Rent 2 own!
http://www.rent2ownaus.com