Financial – Page 13 – Financial Michael Jordan

Category: Financial

04
Jul
2018

Lending And Loans For Small Apartments

There is the old question that comes up every now and then, –
Should I buy that studio apartment?

They are usually marketed with a very attractive rental return however thats sometimes where the good news ends.

Here is some of the noise that surrounds them-: They wont lend against small inner-city studio apartments, You wont get approval if the floor size is less than 50 sqm, Student apartments are not an option, Some lenders wont lend for apartments in large complexes, Hotel or motel conversions are no good, The location of the unit within the complex is important

While being just noise some of these points are somewhat valid.

The recent credit crisis has put the brakes on a lot of lending overall and small apartments have not been shielded from this

The biggest hurdle is usually lenders mortgage insurance (LMI).

They are the ones imposing all the restrictions that are passed onto the bank.
If you require LMI this is where the hard work starts

Hurdles:

Title. Strata/stratum title is normally acceptable, as are group titles. Mortgage insurers arent usually afraid of company title and will lend, though they may lower their LVR.

Size: While this might not be important to the lender, you can expect the mortgage insurer to have minimum limits on the floor space. Always aim to avoid any apartments with a floor space of less than 50 sqm. It must be 50 sqm of actual living area (not balconies and car space etc). In special cases this may be stretched down to 40 sqm but the property would have to be in a blue-chip capital city area. The Bank may not impose a floor-space limit but notes that LMI might fail the application for that very reason.

Location in the development/complex. One important factor may be whether its in a good location in the development or if its at the dark shaded noisy rear corner of the complex.

Changing from commercial or industrial to residential. Hotel conversions, holiday lettings and serviced apartments (commercial) lettings rather than residential units fall under completely different lending requirements (possibly commercial). So if they are being converted you may not get finance until the conversion is complete providing it meets all councils ordinances and general lenders requirements, most lenders will proceed but there may be a reduced LVR or restrictions on LMI. The biggest reason is youre reliant upon the performance of the management company looking after the apartments.

Number of apartments in a development: There might be a limit on the number of apartments within the one development that you can put up for mortgage insurance.

The bank may limit lending on six apartments in any one development or limit lending for no more than 25 per cent of a development

Do you want an investment apartment loan? Contact Us Here and let us help you out.

More Hoops?? You Are Kidding
Here are some extras hoops you may have to jump through for finance:

-More thorough valuation inspections and reports.

-A lower LVR (70 to 80 per cent max, though some, usually non-bank lenders, only go to 60 per cent) a higher deposit required.

-Reduced maximum mortgage amount.

-More expensive LMI if even available.

-Reduced consideration of the rental income to allow for longer vacancies.

-A call for additional or cross-collateral security(see earlier post here).

-Downright refusal of application at worst!

The fundamentals of real estate remain important, not necessarily the fact that theres a studio apartment. There are plenty of studio apartments that have doubled their value over 10 years. The unit my have great rental returns low vacancy and be located very well so a bit of hard work and research at the start may pay off long term!

So Where Now->

Will your apartment qualify for finance?

01
Jul
2018

Loans for unemployed an affirmative financial provision

categories: Financial

Without the necessary job and being unemployed for quite some time, your financial stability does get affected. In fact, under these conditions, you will never be in a position to deal with your needs and demands. Even arranging the funds through other alternatives seem to be impossible. Of course, you will have to look for ways to raise the funds, but for the same, you can no way rely upon the regular loans. Instead, you can opt for the provision of loans for unemployed, which has been designed solely to assist you overcome temporary financial crisis.

The loans can be utilized to deal with your every conceivable need and requirement. These loans are easy to derive, provided you do meet the requirements, which are listed below:-

Should be a permanent resident of UK Age should be at least 18 years Need to have a valid checking account

With the support of these loans, you will be in a position to tackle expenses on needs such as consolidating debts, educational purposes, going for a vacation, starting a new business, wedding, home renovation and so forth.

When it comes to availing these loans, you can either choose the secured option or go for the unsecured option. Secured option of the loans are asset based and can be utilized to source a bigger amount. The repayment tenure is long and owing to the presence of collateral, the interest rate charged is comparatively low. On the other hand, the unsecured option of the loans can be acquired, without the need of involving any collateral. This option of the loans is ideal to borrow a limited amount. Even applicants such as tenants and non homeowners too can go for this option.

Those with bad credit such as CCJ, IVA, arrears and defaults too have a chance to avail these loans, albeit under different terms and conditions.

If in case you want to avail these loans with relative ease and that too without wasting much of your precious time in formalities, then you can make use of the online mode.

Loans for the unemployed allows you to realize your financial needs, even when the conditions are not that suitable.

Andrew Epand is a professional guru and has been commerce with different finance programs. If you want to know further about loans for the unemployed, cash loans, bad credit loans, payday loans, no credit check loans, same day loans, cosmetic surgery loans, loans for unemployed,logbook loans you can on visit http://www.needloans.org.uk

26
Jun
2018

Financial Plan is Important So Why Many of us Don’t Have One

categories: Financial

We all love to dream about the future we want, but many of us do not like the idea of organizing our finances and preparing a financial plan. It seems that our dream of our future is the fun part, but planning sounds like tedious and boring work. This is evident by the fact that 65% of individuals do not have a financial plan.

A study found that the benefit of having a financial plan is very significant. On average, individuals who had a plan for retirement had two and half times more assets in their retirement than those who did not have a plan. Having a plan is only part of the success equation because working with an advisor and having a financial plan shows that there is a nine to ten times increase in assets than with those who do not work with an advisor and have a financial plan.

This may explain why one third of individuals consider winning the lottery as one of their financial strategies to achieving their financial goals. So why do most of us not have a plan? It cant be because of a lack of awareness since there are many financial institutions that are advertising the importance of planning. There is also a lot of information and material on the subject with millions of results on Google. So when it comes to Financial Planning why is it that we are not prepared? Well here is a list of the three myths that I have experienced people saying.

Myth of Time: In todays fast paced life we are all starved for time. We are so busy in our everyday activities that we feel that taking time for planning is not available. When it comes to planning there is an upfront commitment of time in identifying your life goals and putting together an action to achieve them, but once you complete these steps then it is just a matter of monitoring your progress as time goes on. The time commitment is minimal compared to the return you get by working with an advisor and having a plan done as noted above.

Myth of Knowledge: The financial world, especially today, may seem too complicated with all the information out there. We are exposed to a lot of information and financial lingo. If you start by telling yourself that it is not too complicated and too hard, then you have no excuse not to do it. You may consider participating in a seminar or a workshop. You can start reading books that talk about financial matters. Soon you will learn that the financial world is not complicated once you learn some of the basics.

The Myth of Wealth: I dont have enough savings to worry about a financial plan. If you have savings then you have enough. Having a plan will help you decide not only where you should put your money, it will also help to define the why. I have learned that the why is more important than the how and where. When it comes to planning you need to start somewhere. Dont think that just because you think you dont have enough you should not have a plan. A Financial Plan will help you define the goals and dreams you want to accomplish.

21
Jun
2018

Start Up Machine Tools And Shop, Woodworking, Wood Machinery Equipment, Business Loans, Financing

categories: Financial

Start up machine tools, machine shop, woodworking, wood machinery equipment business loans, capital, financing, leasing with credit problems is still available in these economic times.

This article is going to discuss what is machine tools, machine shop, woodworking, wood machinery equipment leasing/financing, what are its benefits, leasing plans and how it relates to the start up business.

Additionally, we will show you lending requirements below for start up loans

Leasing is a form of renting but with a buyout clause at the end of the lease to take title to whatever we are leasing. The requirements to get into the lease may be as low as first and last payment and as much as 25%. Each situation is different and this offers the start up and seasoned business a way to invest very little monies into the business. Additionally, all other monies can be used for operating expenses such as marketing and other key areas. Leasing is not a new form of financing but could be a lending solution to the start up business.

The benefits of leasing may result in off-balance sheet financing reporting, tax incentives and conserving cash flow and preserving lines of credit for working capital purposes. Many leasing requirements may only require the initial outlay of first and last rental payment. Most leases finance 100% of the cost of the equipment such as soft costs which include shipping, software, training and installation. Additionally, leasing lets you regularly upgrade your equipment, eliminating your utilization of old, outdated equipment and reducing repair options.

Some of the leasing plans available to the lessee are $1.00, 10% or 20% purchase options as well as Trac Leases and FMV lease buyouts. Additionally, some lenders offer seasonal payments, deferred payments for ninety days, declining payments and half payments for a specified time period. It is important that the lessee understands all these different lease plans available as well as the buyout clauses. The lessee has many options to consider in negotiating his lease. He must understand each lender’s requirements and see if it fits within the realm of the lessee’s requirements.

Some lenders will accept the start up business whereas others will not wanto lend to this group. They consider that their risk capital can be invested in other types of portfolios that can be better served. Many lenders require full documentation which includes a couple of years of personal income tax returns, a personal financial statement, and other underwriters requirements. However, in the past couple of years, there is a select group of lenders out there require an application only program. These lenders have their own computer scoring model and eliminate the necessary additional paperwork of other lenders.

These application only programs are usually restricted to the seasoned business, however there are a few out in the industry which will work with the start up business as well. The amounts of the application only program run as high as $150,000 for the seasoned business and $10,000 for the start up. Additionally, the lender will lease the qualified asset probably from 36-60 months and many won’t finance any equipment and commercial vehicles over ten years old.

It is important to understand the lease terms, the rate factor the lender is charging and the buyout clauses in the lease to take title. If you anticipate paying off the lease early, you should consult your lender to ascertain there is no prepayments for a early payoff. The last thing to understand that the lessee is going to guarantee the lease.

*************************************************
1) Recap of Start Up Business Loan, Financing Programs Up to $40,000**********Conventional Financing, Bad Credit

0-2 Years Time In Business, Story Book Lender, Credit is Run but isnt Credit Driven, High Cash balances help a lot for approval
For New Business Start-Ups: (terms 12-30 months) Up To $40,000

1. Completed Credit Application
2. Personal Credit Report from all Principals
3. Last Years Personal Tax Return
4. Evidence of an Alternate Source of Income*********
5. Personal Financial Statement on All Owners
6. Evidence of a Business Bank Account (this may not be open yet)

If a Business has been open for a few months, please retrieve bank statements
Lease Terms are Up To 36 Months10% Buyout Clause

2 ) Second Start up Lending Program.
If you have good credit for other start up financing, minimum credit score 650 or higher, the down payment for conventional financing may be any from 10 to 30% down. Industries include owner operators for semi, day cabs and dump trucks. Other industries such manufacturing, construction, medical, transportation may also be eligible. Paperwork requirements are basically the same as above.

3) If you dont qualify for the start up programs above, we have many off lease and repo financing programs that start as low as 550 for minimum credit scores, financing up to $100,000, Down payments as low as $1,000

Happy hunting for your machine tools, machine shop, woodworking, wood machinery equipment acquisition and its start up financing and business loan programs

18
Jun
2018

Building Passive Income With The Prophetmax Program

categories: Financial

Creating hands free passive income so you can retire early, buy a house on the beach and live your dream lifestyle is something that everyone wants but less than 2% of the population actually ever achieves.

ProphetMax was created by Senen Pousa to help average people create passive income and finally achieve that elusive dream lifestyle.

Having monthly and residual passive income flooding into your bank account while you hang out on the beach sounds great but the question is does Senen Pousa’s ProphetMax program actually deliver results?

Literally dozens of wealth building programs promising to deliver passive income pop onto the internet daily and the majority of them simply fail to deliver. After the urging of a few of my investment partners I decided to take a deeper look into ProphetMax. Here’s what I discovered.

ProphetMax targets a 100% annual return on investments through Forex and various trading systems. The program’s goal is to enable each member to create a full time passive income within 3-5 years. However, high return investments are not the only focus of ProphetMax. The program is built to also deliver a quality financial education with strong emphasis on wealth building and personal development.

ProphetMax achieves this for its members by taking you through 4 different levels of financial education, wealth building and personal development with each level targeting a different area of wealth creation

ProphetMax Level 1

In level 1 you set your Target Passive Income (TPI) and develop a step by step plan of action. Level 1 is very intense. There are actually 13 different lessons with 5 steps in each lesson you must complete before you are allowed to proceed to the next level. In level one you’ll get really clear on where you currently are financially with a specific target and action plan to get your dream lifestyle within 3-5 years.

What’s amazing about level one are the KPI’s (Key Performance Indicators) that actually show you a very professional visual graph of your action plan. Mapping your target passive income out visually allows you to clearly focus on and attack your goals.

ProphetMax Level 2

Level 2 is where the personal development and mindset training kicks in. You’ll discover how to think like the rich and increase your comfort zone with abundance and wealth. Your mindset and having a prosperity conscience is probably the most overlooked but most crucial part of building wealth. You’ll never become a millionaire unless you learn to think like one. ProphetMax teaches you how to develop a wealthy mindset. This is what makes ProphetMax completely different from any other financial and investment trading program.

ProphetMax Level 3

This is where the action and magic happens. Level 3 is where you actually start creating passive income. There are several automated trading systems and professional traders that provide you with proprietary trading signals.

You simply follow the trading signals provided by professional traders. You do not need to know how to trade yourself. Your only job is to follow the recommended trades or you can have them executed automatically through your brokerage account.

This literally takes less than 10 minutes per day. There are also weekly webinars and detailed reports for tracking the ProphetMax trading system’s results. With detailed tracking you’re able to accurately fine tune and perfect your performance so you stay on the fast track to creating a fulltime passive income.

ProphetMax Level 4

Level 4 opens up various institutional grade investments and private placements which are not available to the public or any ProphetMax member who has not progressed past level 3. This is the kind of closely guarded financial information normally reserved for the ultra-wealthy. You’ll actually have to join the program and progress through level 3 to receive access to the wealth building strategies in level 4.

So Does ProphetMax Actually Deliver Results?

When it comes to passive income and building wealth there is no “magic system”. There is no “holy grail” money making formula. If you’re looking to get rich overnight you’ll be disappointed with ProphetMax. The system targets 100% annual returns with a 3-5 year plan to creating a full time passive income.