Hi
I am looking at borrowing to fund a commercial property purchase through a Self managed Superannuation Fund.
Can anyone tell me who would be responsible for dealing with the bank.
Is it me, accountant, broker?
Cheers
None of the above. The trustee of the fund is the borrower. The trustee may use a broker, but not an accountant unless they have a credit licence.
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
A broker experienced in both SMSF and commercial lending.
Colin Rice | CDR Finance
http://cdrfinance.com.au/
Email Me | Phone MePerth Based Mortgage Broker - Investment Property Finance Specialist | E: [email protected]
And when you have done all that make sure you have the right name on the Contract.
Had 2 in this week alone that have the wrong name on them ………amazing
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Absolutely right Richard, in my experience, members may use the SMSF name or their personal name…..important to seek advice before executing the bare trust.
Also ensure any deposit is paid out of the SMSF.
In terms of lenders be aware with most lenders you will need a 'Financial Advice certificate' signed prior to settlement and the bank will engage independent lawyers at $$$ to review your SMSF Trust deed, contract of sale and Custody deed ("bare trust") cost of this can vary between $600 and $2500 for a commercial purchase
Redwood | REDWOOD | SMSF | PROPERTY | FINANCE
http://redwoodadvisory.com.au
Email Me | Phone MeSMSF - PROPERTY INVESTMENT - WEALTH CREATION AND FINANCE SOLUTIONS
Further to what the boys have already said, it would be a good idea to speak with your intended broker before you commence hunting for the property, and be clear in understanding what name should go on the contract of sale, and what steps need to take place (and in what order).
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
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