Borrowing Money

W

WebBoard

Guest
From: Rolly Taddeo


Hello all readers
i have talked to 2 banks about borrowing $300,00 to $500,000 for more IPs.
My response was the maximum you can borrow is $220000. Reason was they are more concern about making the repayments than they are in my asset.
Assets are: 4 IPs Value $1.2million plus home i live in $400000.
Income from wagers $65000 yearly
Income from Rent $50500 yearly
Loans:
LOC for $235,000 repayment $1,218 monthly.
P.I. Loan for $230,000 repay $1370 monthly.
How do i accumulate more IPs ?

Regards Rolly
 
Last edited by a moderator:
Reply: 1
From: Jeremy Laws


Want they wouldnt like is your wagering income. Banks take a particularly dim view of gamblers.

Key is to buy more, cheaper property, with a higher rental return. Also you HAVE to stop gambling - you will never succeed with that problem.
 
Last edited by a moderator:
Reply: 2
From: Steve Navra


Hi Rolly,

Based on your shown figures:

You can borrow from $1,500,000 up to $2,000,000 quite easily!
(Give or take any other debts you might not have mentioned)

How????

Cashbond to cover serviceability, and LOC for deposits and costs.

Refer to archives for this methodology,

Regards,

Steve
 
Last edited by a moderator:
Reply: 3
From: Duncan M




Did you REALLY mean WAGERS or did you mean WAGES?

Duncan.
 
Last edited by a moderator:
Reply: 4
From: Rolf Latham


Hi Rolly

Well, Uncle Steve has already given you a good answer - also try using an independent broker rather than going to lender direct.

No loan No Eat :eek:)

Ta

Rolf
 
Last edited by a moderator:
Top