Vendor Finance Question?

[watto]

G'day All

When looking to purchase a property with vendor finance terms and conditions, ( ie i want the vendor to leave $XXX in the deal for xx years).

1. Do these terms need to be declared to the bank when applying for finance?

2. If yes does the bank deduct the amount of vendor finance from the contract price and then loan X% against that $ amount?

cheers
watto

 

[watto]

I'm still looking for an answer any takers.....

****bump****

cheers
watto

 

[bundy1964]

Hi watto

If that is the same deal as before? Unless you split the business as vendor finance and the property as being bank finance you would have to tell AFAIK.

bundy