Leverage with LMI - Question

Hi Guys,

I'm doing some sums at the moment to see if it is achievable for me to invest again. Does this sound logical as I would be paying LMI twice to get into IP2:

Current IP1 Value = $400000
Outstanding Loan = $296000
Refinance at 90% (LMI kicks in) = $64000 available equity

IP2 Purchase Cost = $350000
Borrow @ 90% (LMI kicks in)= $315000
Equity used from IP1 = $45000 (equity remaining is cash buffer for IP1)
Acquisition Costs for IP2 = $20000 (estimate)
Own Money put into the deal = $10000
Total Purchase Cost for IP2 = $370000

- have I got these figures correct and in this scenario would I be able to use LMI twice to put this deal together ?
Hi digs

about right

depending on a few factors u may get away with just the equity, especially dependent on how the equity pull and valuations process is managed