I have set up a company attached to separate discretionary trusts for myself and business partner.
I am purchasing, renovating and then reselling I have been able to gain early access to make a start before settlement and will get it on the market when work is complete.
While financing this venture with a full doc I have found another property which is exactly what we were looking for, with 10% for the 2nd deposit which is the best way to fund the 2nd property full docs or low docs keep in mind we will be renovating and reselling in a short amount of time.
Thank you
Jenny1
Hi Jenny
With most lodoc lenders they will charge an early repayment fee or similar in order to recover some of their lost interest. This is on a sliding scale dependant on how quicly you sell the property.
In saying this most full doc lenders have no wised up to clients buying, renovating and re-selling and charge early penalties on their standard rated products. You might get away with it once but 2nd time around the Bank will consider it to be a business and hence you will be charged accordingly.
There are the odd exception but they want a little more documentation upfront.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
Looking for life cover – We Guarantee to beat any quote you have in writing.Richard Taylor | Australia's leading private lender
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