Hi All,
Recently I arranged a LOC for potential opportunities that might arise this year.
Figures as follows:
Market value of house - $445k
Loan - $157k (with redraw facility of $70k)
LOC Limit - $130k
So the LVR on our PPOR is now 80% with the LOC and no drawings on teh LOC at the moment.
On Friday, my boss invited me to buy a % in the business he has, which would cost around $200k. It's a good business, cashflow doing well but my concern is that I am now at 80% LVR and the LOC is for investment purposes, not business purposes (this business offer came out of the blue!).
Whilst I appreciate this is a property forum, are there any members who were in a situation whereby they were trying to obtain business finance after having investment finance in place and what options I should potentially be exploring.
(e.g. look at increasing LVR to 90%, pay mortgage insurance and use increased funding, under some sort of business facility, for a deposit on business and then apply for separate business finance).
Many thanks for any thoughts!
Zargor
Recently I arranged a LOC for potential opportunities that might arise this year.
Figures as follows:
Market value of house - $445k
Loan - $157k (with redraw facility of $70k)
LOC Limit - $130k
So the LVR on our PPOR is now 80% with the LOC and no drawings on teh LOC at the moment.
On Friday, my boss invited me to buy a % in the business he has, which would cost around $200k. It's a good business, cashflow doing well but my concern is that I am now at 80% LVR and the LOC is for investment purposes, not business purposes (this business offer came out of the blue!).
Whilst I appreciate this is a property forum, are there any members who were in a situation whereby they were trying to obtain business finance after having investment finance in place and what options I should potentially be exploring.
(e.g. look at increasing LVR to 90%, pay mortgage insurance and use increased funding, under some sort of business facility, for a deposit on business and then apply for separate business finance).
Many thanks for any thoughts!
Zargor