Hi there I am new to the Property Talk forum and very happy with the range of topics and quality of responses I have seen so far.
I have a current LAQC structure and have taken out two mortgages to buy additional properties from two different main stream banks via mortgage broker. The overall portfolio has a high equity of around 60%. On both mortgages while signing the documentation required at my lawyers, the personal guarantee papers have been included by the banks for completion. I was told that was standard practice now these days if you are buying a property in a company name and i went ahead and signed them, getting the loans approved on time.
After the fact my accountant on the other hand thinks that these are not essential and that you can get mortgages in the company name without them should you confront the bank, well in my case at least where the bank has more than enough security.
Basically I wondering if anyone else has bought properties in their LAQC/Company name and have secured a mortgage without signing a personal guarantee (making the liability not limited to the company structure).
Or
Has anyone been able to have the banks remove their personal guarantee after the loan has already been drawn down.
Cheers,
Alex
I have a current LAQC structure and have taken out two mortgages to buy additional properties from two different main stream banks via mortgage broker. The overall portfolio has a high equity of around 60%. On both mortgages while signing the documentation required at my lawyers, the personal guarantee papers have been included by the banks for completion. I was told that was standard practice now these days if you are buying a property in a company name and i went ahead and signed them, getting the loans approved on time.
After the fact my accountant on the other hand thinks that these are not essential and that you can get mortgages in the company name without them should you confront the bank, well in my case at least where the bank has more than enough security.
Basically I wondering if anyone else has bought properties in their LAQC/Company name and have secured a mortgage without signing a personal guarantee (making the liability not limited to the company structure).
Or
Has anyone been able to have the banks remove their personal guarantee after the loan has already been drawn down.
Cheers,
Alex
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