Hi all,
Here is the scenario...
My boss has a factory unit that is owned by his self managed super fund (outright no mortgage)
The unit next door (which he currently leases) has come on the market and the LL has offered it for sale to my boss at market value.
(We work out of both these units)
Question:
Can he borrow out of the super fund using the existing shed as security without handing over cash?? (legals and stamps are OK)
This would make the total LVR of the 2 sheds 50%.
Looking forward to your answers.
Here is the scenario...
My boss has a factory unit that is owned by his self managed super fund (outright no mortgage)
The unit next door (which he currently leases) has come on the market and the LL has offered it for sale to my boss at market value.
(We work out of both these units)
Question:
Can he borrow out of the super fund using the existing shed as security without handing over cash?? (legals and stamps are OK)
This would make the total LVR of the 2 sheds 50%.
Looking forward to your answers.