I have had no experience with caveats before.
I have a friend who is willing to lend me money. Is he secured well enough with a caveat against a property? I have about 400k equity in a property which is currently mortgaged with St George. They won't allow a 2nd mortgage.
He is willing to lend me up to 200k but wants the loan secured by more than a simple loan agreement. The property value is 950k and the bank loan is 555k. If he lent me the 200k my total LVR would still be less than 80%. He has advised me that he doesn't want to lend me more than 80% LVR.
Thanks, RS
I have a friend who is willing to lend me money. Is he secured well enough with a caveat against a property? I have about 400k equity in a property which is currently mortgaged with St George. They won't allow a 2nd mortgage.
He is willing to lend me up to 200k but wants the loan secured by more than a simple loan agreement. The property value is 950k and the bank loan is 555k. If he lent me the 200k my total LVR would still be less than 80%. He has advised me that he doesn't want to lend me more than 80% LVR.
Thanks, RS