From: Michael G
Peoples,
I need a little assistance in sourcing some funds.
I have a deal I'm working on which involves a torrens-title (freehold) single level 2bed/1bath cottage 5 mins drive from Bondi Beach/Sydney, 5min walk to local shops.
The vendor is an elderly gentleman of 72 and has agreed to sell the property to me with full title, for $200k (value of property over $400k) on the condition of a life lease.
Going through normal financial channels have found that the life-lease makes the asset illiquid and thus unfavorable to the lenders. So I ask if there is anyone here who knows a great broker who may be able to assist?
I need either;
A good broker who can tap into some finance that is ok with the life lease.
or
A good solicitor who can write some clauses to the contract which would make everyone happy as I maxed out my current solicitor beyond his abilities. The negotiations are still in progress, so we are able to write additions without a problem.
Please email me if you have any leads.
Regards
Michael
Peoples,
I need a little assistance in sourcing some funds.
I have a deal I'm working on which involves a torrens-title (freehold) single level 2bed/1bath cottage 5 mins drive from Bondi Beach/Sydney, 5min walk to local shops.
The vendor is an elderly gentleman of 72 and has agreed to sell the property to me with full title, for $200k (value of property over $400k) on the condition of a life lease.
Going through normal financial channels have found that the life-lease makes the asset illiquid and thus unfavorable to the lenders. So I ask if there is anyone here who knows a great broker who may be able to assist?
I need either;
A good broker who can tap into some finance that is ok with the life lease.
or
A good solicitor who can write some clauses to the contract which would make everyone happy as I maxed out my current solicitor beyond his abilities. The negotiations are still in progress, so we are able to write additions without a problem.
Please email me if you have any leads.
Regards
Michael
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