All Topics / Help Needed! / Another business query :(

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  • Profile photo of grumblepiegrumblepie
    Participant
    @grumblepie
    Join Date: 2013
    Post Count: 8

    Can anyone help me with a problem I have? I started a business 8months back I still work full time and work in the business on weekends and late at nights. At the moment I make about $450 profit a week with the business. I want to invest in property through the company as I have a deposit saved up but Ive been reading that it is impossible unless you have been operating for 2 years no matter how consistent your work/sales are. Is there a way around this or a banking institute that has better requirements?

    Profile photo of TheFinanceShopTheFinanceShop
    Participant
    @thefinanceshop
    Join Date: 2012
    Post Count: 1,271

    What is the LVR?

    TheFinanceShop | Elite Property Finance
    http://www.elitepropertyfinance.com
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    Residential and Commercial Brokerage

    Profile photo of CorieCorie
    Participant
    @corie
    Join Date: 2009
    Post Count: 113

    Find a vendor finance opportunity!

    Profile photo of grumblepiegrumblepie
    Participant
    @grumblepie
    Join Date: 2013
    Post Count: 8

    Finance shop: it would be under 80% lvr but by the time it came close to settlement probably sub75%
    Corie: that was another option I had been considering Im having trouble finding a suitable Vf property what’s a good way of finding them?

    Profile photo of TheFinanceShopTheFinanceShop
    Participant
    @thefinanceshop
    Join Date: 2012
    Post Count: 1,271

    What you need is lo doc 80% no LMI – i.e. RAMS.

    TheFinanceShop | Elite Property Finance
    http://www.elitepropertyfinance.com
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    Residential and Commercial Brokerage

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Might be able to do it a full doc name in the Company name being sub 80% lvr.

    Cheers

    Yours in Finance

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
    Email Me

    100% Investment Finance now available on selected properties. Email us for further information.

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069

    Hi Grumblepie

    Are you saying you want to quit PAYG work and rely on business income to borrow?

    If you’re continuing in your PAYG role and working the business at the same time – you could still put up an application using your PAYG employment.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
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    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of grumblepiegrumblepie
    Participant
    @grumblepie
    Join Date: 2013
    Post Count: 8

    Hi Jamie. I work in a full time job and use that salary for living expenses and my property portfolio I started the business originally as a get a bit of extra money to pay down my loans it took off bigger than I expected. So would I be able to use both payg from my full time job And the business and the profit from the business to buy in the company’s name or just the latter two? Also do full or low doc loans offer a offset account ability?

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Yes gumblepie both lodoc and full doc loans can come with an offset account.

    Don’t see a problem financing a deal the way you want to.

    Cheers

    Yours in Finance

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
    Email Me

    100% Investment Finance now available on selected properties. Email us for further information.

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    Not a very good idea to invest in property in a company and certainly not a trading company. You could easily lose the property.

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

    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

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