From: Lotana Von Amor
Would anyone with OTP purchase experience help me with the right approach to financing OTP settlement. A year ago I bought a deposit bond and in 3 months time would need to settle. According to the contract, the developer will give me a very short (1 week) notice to settle and will charge severe penalties if I delay. To avoid the penalties, I'd like to prepare a loan facility that I can draw at settlement. My question is: would the lender set up a facility for me secured by this property before settlement? What is the right way of setting it up?
Say cheese,
Lotana
Would anyone with OTP purchase experience help me with the right approach to financing OTP settlement. A year ago I bought a deposit bond and in 3 months time would need to settle. According to the contract, the developer will give me a very short (1 week) notice to settle and will charge severe penalties if I delay. To avoid the penalties, I'd like to prepare a loan facility that I can draw at settlement. My question is: would the lender set up a facility for me secured by this property before settlement? What is the right way of setting it up?
Say cheese,
Lotana
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