Land purchase under company

Discussion in 'Loans & Mortgage Brokers' started by klabat, 5th Dec, 2018.

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  1. klabat

    klabat Well-Known Member

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    4th Jul, 2015
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    Hi PC,

    Wondering if a company could purchase a vacant land. Having 3 directors. Are there any lenders that take half debt into there calculations if some directors have joint mortgages on other investment property.
     
    klabat, 5th Dec, 2018
    #1
  2. Terry_w

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

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    Yes possible but as directors giving guarantee all the personal debts taken into account .if a joint debt some lenders will take their share only.

    But just because you can doesn't mean you should
     
    Terry_w, 5th Dec, 2018
    #2
  3. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    None of the shareholders can ask for their share of profit. Seek legal advice on use of any structure
     
    Paul@PAS, 5th Dec, 2018
    #3