Hello There
Rather unusual query.
One of my friends from old school ( not a class mate but known through many reliable contacts of my friends) asked for a loan for AUD 150,000 as they don't have enough deposit to buy the house they are going to bid in the range of 1.2 - 1.4 Mil in Melbourne.
They do have a business they run ie 2 or 3 medical centers in the town & they are a bit stretched asked if we could 'loan' & that they are happy to pay for the Interest that cost us at bank for pulling the OD every fortnightly or monthly & agree to pay the full sum loaned by the 9th month .
And we discussed that we would want our lawyer or their lawyer to draft a this arrangement in writing.
I have been just wondering whether I should do it or not. There should be a some form of consequential clause there would n't it ? Is it okay to agree on such a deal ? . They have been reasonable people , we would love to help within a limit. And remainder of our OD will suffice for us to remain calm for 9 months. However , we are a retired couple too & live on cashflow from our rentals & got some mortgages still need paid off & cash flow wise rental yields are comfortable enough but again, who knows what sort of expenses yet to come, in this diabolic political set up. any known/unknown / hidden hiccups you could for see & any advise or comments from your learned audience ?
Rather unusual query.
One of my friends from old school ( not a class mate but known through many reliable contacts of my friends) asked for a loan for AUD 150,000 as they don't have enough deposit to buy the house they are going to bid in the range of 1.2 - 1.4 Mil in Melbourne.
They do have a business they run ie 2 or 3 medical centers in the town & they are a bit stretched asked if we could 'loan' & that they are happy to pay for the Interest that cost us at bank for pulling the OD every fortnightly or monthly & agree to pay the full sum loaned by the 9th month .
And we discussed that we would want our lawyer or their lawyer to draft a this arrangement in writing.
I have been just wondering whether I should do it or not. There should be a some form of consequential clause there would n't it ? Is it okay to agree on such a deal ? . They have been reasonable people , we would love to help within a limit. And remainder of our OD will suffice for us to remain calm for 9 months. However , we are a retired couple too & live on cashflow from our rentals & got some mortgages still need paid off & cash flow wise rental yields are comfortable enough but again, who knows what sort of expenses yet to come, in this diabolic political set up. any known/unknown / hidden hiccups you could for see & any advise or comments from your learned audience ?
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