Hi all,
Just wondering what is the best structure for finance of a wrap or flip?
I am using MHA at moment, sent them an explanation on how to borrow using Hybrid Trust - i.e loan in my name, I lend money to Hybrid Trust who then is cashed up and purchases property in name of Company ATF Family trust.
This has caused a headache as MHA put both the loan and the property title in name of Hybrid Trust (a big no-no if it was a neg gearing property, thankfully it is not).Added to this is a very large loan document with a clause which states I must have a solicitor check the indemnity documents - and extra 3 or $400 and extra delay to get the loan though....
So my question is, what is the best way to structure a loan in future?
I know 80% from now on means LMI will not be a problem in future (I hope).....but will the family Trust purchasing be a better option and how do I put it to the bank?
Just wondering what is the best structure for finance of a wrap or flip?
I am using MHA at moment, sent them an explanation on how to borrow using Hybrid Trust - i.e loan in my name, I lend money to Hybrid Trust who then is cashed up and purchases property in name of Company ATF Family trust.
This has caused a headache as MHA put both the loan and the property title in name of Hybrid Trust (a big no-no if it was a neg gearing property, thankfully it is not).Added to this is a very large loan document with a clause which states I must have a solicitor check the indemnity documents - and extra 3 or $400 and extra delay to get the loan though....
So my question is, what is the best way to structure a loan in future?
I know 80% from now on means LMI will not be a problem in future (I hope).....but will the family Trust purchasing be a better option and how do I put it to the bank?
