I am looking into starting a property holdings company without having any equity.
Does anybody know what my options are for covering costs associated with the set up, (stamp duty, legal, etc)? Do lenders ever provide more than 100% LVR without any other security other than the potential for future capital gains?
Would I be better off applying for a separate commercial loan to cover the additional costs?
Would I need someone with equity to go guarantor for me to borrow additional funds over and above valus of the properties?[king]There are a couple of lenders who will advance more than the purchase price of the property but this is normally limited to an owner occupied property only.
For an investment property you will be limited to the purchase price and be required to come up with the acquisition costs yourself.
Cheers
Richard Taylor
Residential & Commercial Finance Broker
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I usually go through Carrington National for my 105 deals. They both encumber Investments and Owner occupiers. However, they are strict on where they lend, in other words, postcode restricted. Ask your broker to research this option for you.
*EDIT* sorry thought you talking about residential properties. please disregard.
Regards
Joshua McEwen
Finance Broker – WAhttp://www.prestigeloans.com.au
Brokers Lic 1297
Licensee Brett ChristieThanks Richard,
I guess the best thing for me to do is to start small by saving enough to cover the costs of purchasing one or two ip’s rather than borrowing more than the value of the properties to cover these costs.
It’s just frustrating having to wait on the sideline while I save a few thousand to cover stamp duty. Such is life.
Cheers.
[king]Thanks Josh, I will definately look into it.
Cheers.
[king]
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