Has anyone used Seiza Capital for CF + Loans?

[casper007]

I heard from a MB friend about Seiza Capital (NSW) who have a loan product for investors whereby you pay 4% interest and cap the balance ... making a negatively geared property positve or at least cost neutral.

I know there are risks in a slow market with capping interest ... and that's not what I am looking for comments on ... I just want to know if anyone has dealt with them or similar products and what their experiences were.

Casper

 

[Bradsdad]

I haven't.
Having had a look at their website they are a wholesale funder who provide funds to Mortgage Managers who then brand their own products. No rates available on their site which is to be suspected as they deliver funds to the mortgage manager (MM) at a certain rate, then the MM loads the rate buy what they require by way of commission. If a MB was offering their (the MM's)
products they would either be loading it again so they could get paid or they may just receive say a small flat fee for introducing loans.
I usually find that once it gets to a MB the rates aren't usually that more attractive than traditional lenders.

 

[grossreal]

hi casper007
I have a loan with seiza
The loans rates can be between 4.55% to 6.5% and the true rate is 8.75% the difference is then added to the loan.
and they can be used to commercial loans.
the main issue is that they are not internet banked and you can't have split loans the redraw you have to ask thru your mb
and he manages the loan for you.
they are usually for 5 years but are setup for 30 years and refinance after 5.
I use them as they give me a rate of 6.5% and I have a income of 9% on a commercial so the loan is posi from day one and the extra income I put towards a resi that has a short fall (just arrived back from a 12 hr drive to gold coast) looking at a resi.
I find the loan is fine but it is a very price reduced loan so you get a loan statement each month with the rate and what is owed on the loan but you can't check it your self.
everything goes thru the broker and you have to ask for any information thru he/she.
it does seem a bit of a pain and I hated it at first but an use to it now.
a very set and forget loan.
would I take a loan again the same way.
yes if it was for a ip or commercial but yes check the rates you are being charged.
the money comes from lots of different funds mine is thru amal that not the broker thats were the money originated from.
trhe broker will give you fancy paperwork but ask were the money is comming from and the rate without his margin.

 

[casper007]

Thanks for the info ... I have also seen a product of thiers which works with Self Managed Super (Laws changed Sept 2007) allowing the SFSF to borrow for IP's ... I think I will do more research on them.

 

[Qlds007]

casper

I have also seen a product of thiers which works with Self Managed Super (Laws changed Sept 2007) allowing the SFSF to borrow for IP's

Their product is one of the very few non recourse loans on the market aimed at SMSF. I have done a couple of loans with them since the new legislation and all appears good.

 

[mja]

I have used Seiza.

If you use a trust, they'll make you get accounting and legal advice as part of the loan paperwork, which is a bit of a hassle...

Everything else seems fine though.

 

[grossreal]

hi all
most lender are asking that you get legal and accounting advice even if just a person and they are asking that you also get a sign off from your solicitor for the 100 points id.
not sure how you do that if you are doing the legals yourself suppose a jp will do
I had the same request from challenger.

 

[mja]

hi all
most lender are asking that you get legal and accounting advice even if just a person and they are asking that you also get a sign off from your solicitor for the 100 points id.
not sure how you do that if you are doing the legals yourself suppose a jp will do
I had the same request from challenger.

My solicitor had to sit down with me and spend 45 minutes telling me what a guarantor was... because otherwise she wouldn't sign the certificate that stated she had to explain the consequences of a guarantor...

Then she wouldn't sign the financial advice certificate because, naturally, she wasn't licensed to give financial advice. So I had to get this signed by my accountant...

I haven't had to get certificates signed for all the other full doc loans I've done in the past...

Interesting.