Director of newly established company seeking c60% LVR

Discussion in 'Loans & Mortgage Brokers' started by lynchy, 8th Oct, 2021.

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  1. lynchy

    lynchy Well-Known Member

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    Hi brokers!

    I’ve run in to some difficulty in commencing a mortgage application given I am a director of a newly established company

    The company was established in Feb 2021 and relies on inter company loans from its parent company to remain solvent until revenue will start coming in, which will be in approx 18 months from now

    The parent company is an 80% shareholder while i own an option 10% of the shares which will be released once i hit certain KPIs

    I’ve got a $800-$1m deposit inc stamp duty and looking to acquire a property for up to $2.8m

    I earn a $200k base incl super plus bonuses but given it’s a newly established company there is no history of bonuses

    My wife is on paid maternity leave, heading back to full time work in Jan 22 and will be on $70k per annum incl super

    any options out there? I’m currently on a 1.85% rate fixed for 4 years which is around where i’d like to be again
     
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    do you have another job?
     
  3. lynchy

    lynchy Well-Known Member

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    No i don’t

    My colleague and I were hired by the parent company, who are a non bank lender, to start up their own development company
     
  4. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Actually you might be considered an employee if you are not a shareholder. There may be hope if you receive a wage. Could be possible
     
  5. lynchy

    lynchy Well-Known Member

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    i’m not a shareholder yet, I have an option for shares which i’ll hit within probably 18 months

    Definitely receive a PAYG, monthly salary with employment contract saying as much

    Worth taking offline?
     
  6. lynchy

    lynchy Well-Known Member

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    How do i get in touch with you Terry? I can’t seem to direct message you
     
  7. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    it is worth a shot in that case.
     
  8. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    I get hundreds of enquiries every week, I have to make it hard for people...
     
  9. Lindsay_W

    Lindsay_W Well-Known Member

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    Are you the sole director?
     
  10. lynchy

    lynchy Well-Known Member

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    No i'm not. My colleague i’ve worked with for 6 years at 2 other companies is also a director
     
  11. lynchy

    lynchy Well-Known Member

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    haha found a way

    I have emailed the general email address for Loan Structuring Pty Ltd and have also connected on LinkedIn

    Look forward to seeing if you can assist!
     
  12. Tony Xia

    Tony Xia Structured Loan Advisor Business Member

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    If youre not a shareholder ( or not yet anyways ), and youre getting paid PAYG, then you might be able to get this through as an PAYG applicant.

    Recently did one with ANZ on a similar scenario, so you might be ok .

    Also they have a good Mat leave policy and dont take company liabilities into the cals.