I've done cross collaterisation- if I hadn't, I would have been a lot worse off than I am now.
But when it was time to move on, there were big problems.
I'd gone past the bank's comfort zones, and I couldn't borrow any more from that bank. This was when the boo was booming.
The problem was that I couldn't take any single property as collateral to another bank to refinance.
I had to take one property out of the mix, take it to another instituion- and after all the paperwork, costs, and time, be able to use that property as collateral for buying something more.
X-Coll was a tool which helped me at the time, and I really needed that tool then.
But it took a lot more work later top get around the problems which had been caused.
In the long term, I'm better off as a result of having used it. But it had its own headaches.
But when it was time to move on, there were big problems.
I'd gone past the bank's comfort zones, and I couldn't borrow any more from that bank. This was when the boo was booming.
The problem was that I couldn't take any single property as collateral to another bank to refinance.
I had to take one property out of the mix, take it to another instituion- and after all the paperwork, costs, and time, be able to use that property as collateral for buying something more.
X-Coll was a tool which helped me at the time, and I really needed that tool then.
But it took a lot more work later top get around the problems which had been caused.
In the long term, I'm better off as a result of having used it. But it had its own headaches.