Wrappers...
A friend of mine refered a couple to me who our company can’t get conventional finance for.
So I thought that this forum is such a great resource that I would post it for you all to pick to bits, and hopefully know some who can offer a solution.
They are leasing a property that has written into the lease an option to buy for $65000, (30k below market value!)
The property is a 3 b/room weather board home in average condition, detached garage, 1 bathroom with the provision there for a second but no plumbing. The house is on bearers and joists on a 800m block (approx) located @ captains Flat NSW.
Captains Flat has a population of approx 300, is an old mining town located 50 minutes south east from Canberra or 40 minutes from Queanbeyan. The Dept of Defence is relocation its Defence head quarters to the eastern side of Queanbeyan with completion due in 2007. This will be approx 30 minutes from Captains Flat. Captains Flat is a very typical country town, with a general store Post Office and a primary school. (Has a cracker pub)
They have lived in the property for 6 months and absolutely love the place it has become quite sentimental as Mum passed away there last year. Their lease expires in ‘10/03. The owner whom I haven’t met is keen to sell, but doesn’t have it listed. It is hard to get a median price for the town but talking to an agent who lists in the area says you can’t get anything under $90k.
This young couple have a take home income of $770 p/week + FAS. They have 2 kids with one on the way. He has been in his job for 3 years (I personally know his boss and he gives him a good wrap, no pun). They have a car loan which they pay $433 p/month and have done without hitch for the past 18 months.
They have 3 paid defaults (1 x Telstra, 1 x cellular one, and 1 x CBA overdrawn account totaling $1600) $7000 FHOG and a gift of $6000 from mums estate. I have spoken with another wrapper but they are out of funds. There is a good opportunity here for someone, but it will need to be financed @ 80% LVR as the post code is 2623
I have visited them and read their lease. I believe that they are a good credit risk just need a chance to get into their own home. They are aware that I’m searching for vendor finance for them and I’ve explained to them basically how it works.
If you know any wrapper who would be interested please PM me or you can talk to me @ the freestylers evening Tuesday night 13th May @ Olims in Canberra.
Mr Ed
A friend of mine refered a couple to me who our company can’t get conventional finance for.
So I thought that this forum is such a great resource that I would post it for you all to pick to bits, and hopefully know some who can offer a solution.
They are leasing a property that has written into the lease an option to buy for $65000, (30k below market value!)
The property is a 3 b/room weather board home in average condition, detached garage, 1 bathroom with the provision there for a second but no plumbing. The house is on bearers and joists on a 800m block (approx) located @ captains Flat NSW.
Captains Flat has a population of approx 300, is an old mining town located 50 minutes south east from Canberra or 40 minutes from Queanbeyan. The Dept of Defence is relocation its Defence head quarters to the eastern side of Queanbeyan with completion due in 2007. This will be approx 30 minutes from Captains Flat. Captains Flat is a very typical country town, with a general store Post Office and a primary school. (Has a cracker pub)
They have lived in the property for 6 months and absolutely love the place it has become quite sentimental as Mum passed away there last year. Their lease expires in ‘10/03. The owner whom I haven’t met is keen to sell, but doesn’t have it listed. It is hard to get a median price for the town but talking to an agent who lists in the area says you can’t get anything under $90k.
This young couple have a take home income of $770 p/week + FAS. They have 2 kids with one on the way. He has been in his job for 3 years (I personally know his boss and he gives him a good wrap, no pun). They have a car loan which they pay $433 p/month and have done without hitch for the past 18 months.
They have 3 paid defaults (1 x Telstra, 1 x cellular one, and 1 x CBA overdrawn account totaling $1600) $7000 FHOG and a gift of $6000 from mums estate. I have spoken with another wrapper but they are out of funds. There is a good opportunity here for someone, but it will need to be financed @ 80% LVR as the post code is 2623
I have visited them and read their lease. I believe that they are a good credit risk just need a chance to get into their own home. They are aware that I’m searching for vendor finance for them and I’ve explained to them basically how it works.
If you know any wrapper who would be interested please PM me or you can talk to me @ the freestylers evening Tuesday night 13th May @ Olims in Canberra.
Mr Ed
