Hi All,
Long time forum lurker, first time poster!
From what I have read so far this cannot be done, but any additional info would be useful.
If I pay a cash deposit for an IP, can I then use a LOC to pay myself back once it is set up?
Eg. $50k cash deposit paid
LOC $110k (inc $50k to be returned to me)
IP Loan $400k
Once setup draw down $50k from the LOC to refund the cash?
Ideally the LOC would've been set up in time to pay the deposit but unfortunately this has not been the case.
Long time forum lurker, first time poster!
From what I have read so far this cannot be done, but any additional info would be useful.
If I pay a cash deposit for an IP, can I then use a LOC to pay myself back once it is set up?
Eg. $50k cash deposit paid
LOC $110k (inc $50k to be returned to me)
IP Loan $400k
Once setup draw down $50k from the LOC to refund the cash?
Ideally the LOC would've been set up in time to pay the deposit but unfortunately this has not been the case.