Hi,
I zapped off a couple of questions yesterday to them and got a response
about 2 hours later. I have posted the e-mail below, obviously the answers
are at the top and Q's at the bottom
Norman
************************************
Norman
Thank you for your enquiry
1. The conduit reserve of 5% is held on AAA rated deposit
2. Loan is owned by Derivex Asset Management Limited.
3. The loan is capitalised as a residual income security and is not securitised as an MBS or ABS security
4. Loan Terms and Conditions are specified under contract for the term of the loan
The base loan we underwrite is $125,000 - as is specified in
http://www.derivex.com.au/offerings/home_loan_features.htm
Best Regards
Trevor Cohen
CEO
Derivex Limited
Direct Line: +61 2 9960 6171
Local Mobile: 0402 215 793
Email:
[email protected]
*********************************************************************************
This e-mail message (along with any attachments) is intended only for the named addressee and could contain
information that is both confidential or privileged. If you are not the intended recipient you are notified that any
dissemination, copying or use of any of the information is prohibited. Please notify us immediately by return
email to
[email protected] if you are not the intended recipient and delete all copies of the original
message and attachments.
*********************************************************************************
----- Original Message -----
From: Hoy, Norman - Adelaide
To: '
[email protected]'
Sent: Monday, November 22, 2004 12:08 PM
Subject: loan
hi
I have read your pages on the web and seen the appliction form but
it does not seem to give me enough information.
I have a number of properties and am happy to try you for one
to see what happens but will need some information first. Also
as you explain I need to speak to my accountant and lawyer and
will do but need to know some things.
1) how is the 5% held? or is it invested and what guarantees
it is still there and not lost on investments somewhere?
2) who owns the loan? and would it be on sold? to some other
body, related to you or not?
3) what recall is there? ie if we set up a loan for $100,000
for 10 years then the conditions can't be altered nor the
loan called in.
I have a property I am about to settle on (only 100,000) and
it will be in the trust. Any borrowings would be in my name
and there will be as I would also borrow the 5%. I on lend
that money to the trust in exchange for income units, while
the trust offers up the property as security.
The trust is a Hybrid Discretionary Trust. In many ways like a
normal Discretionary/family trust but with the ability to
also issue/sell units. This mechanism allow me to get the
deduction while the trust is getting the property.
thanks
Norman