Multiple simultaneous purchases
- Thread starter Rockstar
- Start date
Yes usually, with the correct structuring and using the right lenders ate the right time .........not quite simeltanous but close to
ta
rolf
ta
rolf
Rockstar I am sure the finance guys here will help you out with that but my question is whether leveraging to that extent simultaneously puts your cashflow into problems. I.e. your financing three deals where you have to be ready if something happens i.e. no rent, fixing costs etc all at the same time. Are you ready for that?
The other question that lenders may ask is are you currently applying for other loans? Also if you are going for LMI you might end up all with the same LMI. It then comes down to structuring.
Good luck!
The other question that lenders may ask is are you currently applying for other loans? Also if you are going for LMI you might end up all with the same LMI. It then comes down to structuring.
Good luck!
Yes with lender choice it's pretty easy.
Nice one Rolf. How have you been? Enjoying the rain up there?
Let's say someone had just had a loan suitably approved with lender A for property A. Property A is under contract and will settle in 6 weeks so the loan has not been provided as yet.
If that person suddenly wished to purchase property B (similar price as A) and required finance could they legally approach lender B with the same financials without disclosing loan A.
Not only that could they legally do this multiple times without any disclosure?
Who me?
Let's say it doesn't.
Do they all ask that question?
Let's say no LMI would be involved since LVR is 80% max
full disclosure per application needs to be provided by the borrower
thats why one cant land them on the same day
to do so and not disclose would be fraudulent AND has a HUGE risk of decline.
ta
rolf
thats why one cant land them on the same day
to do so and not disclose would be fraudulent AND has a HUGE risk of decline.
ta
rolf
This person better think twice about pulling such a stunt and be a good boy or girl.
Off on a bit of a tangent, I recall in the crazy days of Henry Kaye meeting an investor of very limited means who had secured deposit bonds on 3 OTP Sydney apartments with the intention to sell them before completion and make a killing. There was a bit of a downturn not long after that so I suspect that plan ended in tears.
This person better think twice about pulling such a stunt and be a good boy or girl.
It's a cool idea but I'm pretty sure they would find out after looking at your credit file?
id say no.
if that person has the financial capacity to really afford both deals, a goo broker or banker can get it done without smoke and mirrors
ta
rolf
