Refinancing a package deal

Discussion in 'Loans & Mortgage Brokers' started by JKWS, 12th Feb, 2019.

Join Australia's most dynamic and respected property investment community
Tags:
  1. JKWS

    JKWS Well-Known Member

    Joined:
    25th Jul, 2015
    Posts:
    217
    Location:
    Australia
    Senario?

    Peter has just bought land at 150k using a secured bank loan P&I, using own capital to make the deposit and stamp duty amounts.

    A private lender then lent him 130k to develop the property.

    6 months later the completed property is retained and rented out with rough figures looking like..

    -260k mixed debt
    (approx 20k own capital contributed with stamp and lending fee's)

    -Rented at 450PW
    -Property Value 500K

    Is it possible to take the land debt and private lender debt to a big 4 and refinance as a standard P&I loan?

    What do lenders take into consideration?
     
    JKWS, 12th Feb, 2019
    #1
  2. Terry_w

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

    Joined:
    18th Jun, 2015
    Posts:
    41,943
    Location:
    Australia wide
    Yes. Pretty standard. You have to meet normal credit reqirmentsre
     
    Terry_w, 12th Feb, 2019
    #2
Free Property Depreciation Calculator

Property Investors! Ready to Pay Less Tax? Estimate how much Property Depreciation you can claim on your Investment Property. Washington Brown's calculator is the first calculator to draw on real properties to determine an accurate estimate.