bankguru

Bank applied

I am looking at a property that will be my future. The current value is about 6 mio. I can put up 1 mio in deposit, so I need about 5 mio to close. 

I am a founder of several startups, but my income is not "steady" and depends on the stock market which has been good to me. I am looking at no more than 1% interest cost per year. I intend to sale off the property once its value is above 7 mio or max in 5 years time. In the meantime, I will be leasing it out and part of the income will be used for payments. It is currently rented out at 5K a week, so expect 260K a year before fees. Base on 1% PA and 20 years loan, I expect to pay 252K per year. 

I want to reduce this to 0.5% and for this I am willing to share profit of 20% based on the sale price above 7 mio. For exxample, profit is 1 mio, the lender will get an extra 200K plus 0.5% interest to date of redeemption. Please NOTE, I will not be selling unless it is 7 or above (unless I go belly up of course).

You need to work the maths here. I am sure you can. Only serious offers will be entertained, This is open to 16 March 2021.