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Property Finance and Asset management.

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Mr_S
Super Contributor
Another thing i would like to know is that if i had to approach a bank with lets say a property i want to buy worth R300 000, would they consider financing me if i had to put down 10k deposit, and the house that i want to purchase as collateral? i would submit a 'business plan' on how i would be able to finance the property? apply for a 30 year loan period - thus reducing my monthly repayments (increasing my interest yes - but i cud manage the cash-flow better and end up paying more than is required. The bank can get its money back if i fail to pay back the loan by selling off the property that i had put down collateral.
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Not applicable
IMO the risk is already built in if you can buy a bachelor for under R50K. Getting in the right block and with the right rental agencies means little if any defaults on monthly.
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Mr_S
Super Contributor
hmmm yes worth looking into..thanks
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Not applicable
Realestateweb has couple of articles that might help you here. If I remember correctly - SBSA for example has not granted any Berea bonds in the last year.
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Mr_S
Super Contributor
do you think its possible though? lol id like to hear yr opinion
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Not applicable
I think it was Nedbank or FNB that said they'd give a bond in Berea if it was a block that had good financials. If you came with a good deposit and your surname is not Tannenbaum, then I can't see why not?
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Mr_S
Super Contributor
lol...i feel sorry for people that actually share that surname...but hey, let me do my research on berea, and ill get back to u on that!
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cope
Frequent Contributor
they do not care what u own. you must proof how you pay back. my uncle do not have a job. he wheel and deal owns about nothing on his house, he cannot get a second bond
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