I hope this is the right area for this email.
I am after a creative way to transfer the x-collat security in my current ppor to a new ppor.
my situation is as follows:
borrowed 106% for ip, using ppor as security.
I am selling my ppor to purchase a new ppor.
Timing of situation means that I have to sell before I can buy or put deposit on new ppor.
Bank needs to be able to maintain security, so either have to make a temporary cash security (using my LOC), or pay out part of ip loan so have 80% LVR.
The period between selling ppor and buying new ppor may be up to 3 months, so security needs to cover that period.
Does anyone have any other ideas of ways to transfer the security which the bank would be happy with?
Cheers
Jeremy
I am after a creative way to transfer the x-collat security in my current ppor to a new ppor.
my situation is as follows:
borrowed 106% for ip, using ppor as security.
I am selling my ppor to purchase a new ppor.
Timing of situation means that I have to sell before I can buy or put deposit on new ppor.
Bank needs to be able to maintain security, so either have to make a temporary cash security (using my LOC), or pay out part of ip loan so have 80% LVR.
The period between selling ppor and buying new ppor may be up to 3 months, so security needs to cover that period.
Does anyone have any other ideas of ways to transfer the security which the bank would be happy with?
Cheers
Jeremy