Am I getting too smart by a half?

no, but hard money lenders in US are lending as much as 12%, for tax purposes we need to ensure we are keeping it real. We dictate the interest rate, but there is plenty of evidence to support what we are doing.

 

Hang on is the trustee you in your personal capacity? or is it a company trustee? If it is the former the loan would be just in your name but they may want some form of linkage to the trust via a guarantee or indemnity of some sort.

 

just re read first post .....sorry !

Could it be that the lender is confused and doesn't realise that this wont be allowed or is it a new way for Westpac retail to lend to trusts with a corporate trustee without a referral to business banking

 

No idea Marty. Might just be the person I spoke to.
Not sure why they wont lend to a trustee except for through business bank? Is this a Westpac exception? or are other banks moving down this line.

I dont think I will be proceeding on that basis. If they cant do it, I will just need to pay the additional %.

Blacky

 

that is they way Westpac does trust loans. Need to be assess by business bankers with more skills than the average assessor.