Hello
Looking for a broker that has some good experience in getting finance for buy-reno-flip, (im guessing you dont actually tell the bank that you are going to sell the property straight away, as they would see this as a risk)
Not too fussed on where the broker is locared, as long as they are good communicators via email and phone.
Would also like a little info on whether you would change lenders everytime you start a new project as The lender wouldnt be making a hell of a lot compared to what they would make in a typical set up for a buy and hold investment, and im guessing they wouldnt like the exposure of risk in a buy-reno-sell situation.
sell yourself to me BROKERS!!
cheers
If the question is have you ever done a flip or two then Yes more than dozen but we use a Put & Call option rather than a simple flip because we tend to focus on large development style properties that i may or may not want to settle on and develop.
I cant see why you would change lenders each time in fact your credit score is going to be affected if you do and would strongly suggest that you stayed with the same lender to establish a track record.
These days lenders dont have early repayment penalties so other than any application they may charge they earn their income from interest.
I have a few clients i have mentored into working with instalment contracts, wrapping to increase cash flow and capital.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Richard's your man – he'll sort it out for you.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
sounds like you know your stuff richard
Been around for a week or two and have small portfolio so like to think so.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
You must also expect to pay brokerage for such a deal as the broker will make no money from the lender.
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
If the lender doesn't charge a claw-back on the commission then the broker might be willing to do it without an upfront fee – but the product would need to be deemed not unsuitable for the clients needs.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
I figured the broker may charge an upfront fee, seen as though they wouldnt be getting too much on trailing commissions.
Its not the trailing commissions that is the problem but the fact that most banks will require the broker to give back the upfront commission if the loan is discharged within a certain period. One lender this period is 3 years, most it is 18 months.
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
Qlds007 wrote:Been around for a week or two and have small portfolio so like to think so.Richard,you are the epitome of modesty!
Well 11 years represents 572 weeks !!!!
Wont comment on the other point lol
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
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