Rules of the Lending Game by Stuart Wemyss

Author:Stuart Wemyss [Wemyss, Stuart]
Language: eng
Format: epub
Publisher: Major Street Publishing
Published: 2020-03-04T00:00:00+00:00

Home loan

$350,000

Home only

Personal

Investment loan

$210,000

Home only

R & A Trustee Pty Ltd ATF The Rick & Andrea Family Trust

Note that some lenders won’t lend to family trusts, or if they do, use a different fee and interest rate structure for such loans. Select your lender very carefully! It’s likely that the lender will ask for personal guarantees from all directors of the trustee company, in this case R & A Trustee Pty Ltd.

Step 2: Get pre-approval for the 80 per cent loan

Rick and Andrea will also obtain a pre-approval from a lender for a loan of $640,000 (the remaining 80 per cent of the property’s purchase price). This loan will be in the trustee’s name; however, since the trust is a newly formed entity and earns no income in its own right, the lender will certainly require a personal guarantee from all directors of the trustee company. The loan structure will be as follows:

Loan

Amount

Secured by

Applicant

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