Just want to know if this finance has legs for approval.
Partner deal
Purchase under trust
Commercial Property
Current annual return = $148,000 approx 5%
Property Value $3,300,000
Partner 1
Cash = $400,000
Income = $160,000 per year
No current mortgage or other finances
Partner 2
House value $1,300,000 - mortgage $600,000
Factory 50% split with other person. Factory value $600,000 - (no Mortgage)
Income = $2000 from factory
Approx $100,000 form business
A couple of Clauses we are hoping to write into contract but not sure how they will effect finance.
Clause's
Vendor pays stamp Duty at settlement
Vendor pays an amount for current damage at settlement
Should be able to match 70% LVR through 400K cash and capital in partner 2 home and factory.
Total income would equal approx
$160,000 Partner 1 income
$100,000 Partner 2 income
$24,000 Partner 2 factory
$146,000 rental income
Partner deal
Purchase under trust
Commercial Property
Current annual return = $148,000 approx 5%
Property Value $3,300,000
Partner 1
Cash = $400,000
Income = $160,000 per year
No current mortgage or other finances
Partner 2
House value $1,300,000 - mortgage $600,000
Factory 50% split with other person. Factory value $600,000 - (no Mortgage)
Income = $2000 from factory
Approx $100,000 form business
A couple of Clauses we are hoping to write into contract but not sure how they will effect finance.
Clause's
Vendor pays stamp Duty at settlement
Vendor pays an amount for current damage at settlement
Should be able to match 70% LVR through 400K cash and capital in partner 2 home and factory.
Total income would equal approx
$160,000 Partner 1 income
$100,000 Partner 2 income
$24,000 Partner 2 factory
$146,000 rental income