All Topics / Legal & Accounting / Changing Trustees and Commercial Lending

Viewing 11 posts - 21 through 31 (of 31 total)
1 2
  • Profile photo of Scott No MatesScott No Mates
    Participant
    @scott-no-mates
    Join Date: 2005
    Post Count: 3,856
    June 9, 2010 - 2:26 am
    Terryw wrote:
    If he is coming to see you, then he is probably a 'vanilla' person – a mobile manager

    Do lenders come in other flavours (I know that I have seen plenty of 'green' ones in the past). ;)

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    June 9, 2010 - 2:35 am

    Banker, do you know if there is a requirement to inform the bank that the trustee is acting in the capacity of trustee. Could you just leave out the fact that a trust is involved? (there may be a requirement under the new AML act).

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of BankerBanker
    Participant
    @banker
    Join Date: 2010
    Post Count: 371
    June 9, 2010 - 3:03 am

    The trustee can always buy a property or take out a loan in their own capacity however the loan contract will reflect that. The money will be lent to the company and not the trust. It would be an accounting issue re if the loan reflects in the balance sheet of the trust or the balance sheet of the trustee.

    You might trip up with the contract of sale; if the property is purchased in the trust it will show there..

    Often bank docs such as fixed and floating charges are registerred in the name of the trustee is their own capacity and in their capacity as trustee.

    Not sure if that answers you question…

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    June 9, 2010 - 3:37 am

    Thanks Banker.

    There is no legal requirement, that I know of, for a trustee to notify a third party of their capacity as trustee – so the loan, from a legal POV could be in the trustee's name, and this shouldn't cause any problems. I was just wondering how banks view this sort of thing. In most cases they probably would not know a trust was involved, though they may if the contract is signed '….as trustee for….

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of binscabbinscab
    Participant
    @binscab
    Join Date: 2010
    Post Count: 45
    June 10, 2010 - 4:48 am

    Hey guys, giving you an update as promised.

    Spoke to the mobile lender from CBA.

    Asked about the Economiser and the Wealth package.

    My partner is on the wealth package at the moment so apparently if we group this loan with his we satisfy the criteria for a higher discount? This works out to be cheaper for us.

    I have asked him about the fees for sending the deeds to legal (Thanks Banker) and he is gonig to get back to me on this.

    Thankyou so much for your help I will let you guys know the end result.

    Scab

    Profile photo of BankerBanker
    Participant
    @banker
    Join Date: 2010
    Post Count: 371
    June 10, 2010 - 2:51 pm

    Hi Scab. Ask the banker to check the wealth package fee. If your partner pays the annaul fee that will cover your personal accounts: not an application in the trust. The trust will have its own package fee..

    Profile photo of binscabbinscab
    Participant
    @binscab
    Join Date: 2010
    Post Count: 45
    June 11, 2010 - 12:56 am

    Thanks Banker will do!

    My partners sister said she will try wave whatever fees she can also.

    I can't believe CBA is the only big bank who will lend to a corporate trustee… the rates are also quite competitive.

    Profile photo of binscabbinscab
    Participant
    @binscab
    Join Date: 2010
    Post Count: 45
    June 11, 2010 - 1:16 am

    Hi Banker

    Excellent points you have raised. I have heard back from the financer.

    The fees are as follows:

    Trust Investigation Fee $192.50 per trust
    Guarantee Fee $200 per borrower
    $150 Settlement Attendance Fee
    $234 Mortgage registration Charge
    We will need a seperate fee for each wealth package

    I'm just finding out which ones can be waived. Will let you guys know.

    Thanks

    Scab

    Wow the banks really slog you with fees.

    Profile photo of binscabbinscab
    Participant
    @binscab
    Join Date: 2010
    Post Count: 45
    June 11, 2010 - 1:37 am

    Looks like we might be going with the economiser! Banker you are a genius!

    Because 2 companies trustees are borrowing the money we will have to have 2 packages, because each of these is less thatn $150,000.00 we don't qualify for the Wealth Package. So the Economiser is the way to go and we willg et the $600 waived.

    Update: Looks like we are going with the economiser now as the final decision.

    0.68% discount for the first 3 years then 0.51% discount every year thereafter.

    Thanks once again guys I really appreciate it.

    Profile photo of BankerBanker
    Participant
    @banker
    Join Date: 2010
    Post Count: 371
    June 11, 2010 - 1:45 am

    Is it approved? Tell them bankers says it should take less than 24 hours…

    Profile photo of binscabbinscab
    Participant
    @binscab
    Join Date: 2010
    Post Count: 45
    June 11, 2010 - 2:01 am

    Based on the information we gave tem they said yes.. they are just waiting on me to send thruogh the trust deeds etc.

    I am waiting on the lawyers to get these to me.
    <br /:)” title=”>:)” class=”bbcode_smiley” />

Viewing 11 posts - 21 through 31 (of 31 total)
1 2

You must be logged in to reply to this topic. If you don't have an account, you can register here.