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Bridging the Gap Between Selling & Buying - Decoding Bridging Loans · TFS WealthCast

• 0:00
  SPEAKER_00: Doing big, and smart, build wealth.
• 0:04
  SPEAKER_00: This is the TFS Podcast, where money target gets real and financial freedom is more than just a goal.
• 0:12
  SPEAKER_00: Without further ado, let's dive in.
• 0:17
  SPEAKER_00: Hi guys, and welcome to another episode of the TFS Wealthcast.
• 0:23
  SPEAKER_00: Joining me today is uh director and CEO, Mr.
• 0:27
  SPEAKER_00: Pramudit Akhalank Rodrigo.
• 0:30
  SPEAKER_00: Alright.
• 0:31
  SPEAKER_00: Let's do this.
• 0:32
  SPEAKER_00: Alright, Pramu, what are we talking about today?
• 0:34
  SPEAKER_00: What's the topic today?
• 0:38
  SPEAKER_01: You wanted to talk about something interesting that a lot of people don't talk about in finance.
• 0:44
  SPEAKER_00: What was that, Vishy?
• 0:46
  SPEAKER_00: Yeah, so we're gonna talk about bridging loads.
• 0:50
  SPEAKER_00: Right?
• 0:50
  SPEAKER_00: Because at TFS we're all about giving strategies to our clients.
• 0:54
  SPEAKER_00: And for people who are selling their property on the market, right?
• 1:00
  SPEAKER_00: So they put their property out on the market.
• 1:03
  SPEAKER_00: Now, while their property is out on the market, they're actively looking for a property to purchase after they've sold their property.
• 1:10
  SPEAKER_00: And let's say they come across an amazing opportunity, right?
• 1:14
  SPEAKER_00: But they don't have the money to purchase it because they still haven't sold their property.
• 1:18
  SPEAKER_00: So a strategy that these people can utilize is a bridging loan.
• 1:24
  SPEAKER_00: So I thought, who better to talk about this strategy with than you?
• 1:32
  SPEAKER_00: Okay, Michi.
• 1:34
  SPEAKER_01: So what is a bridging loan?
• 1:38
  SPEAKER_01: Right?
• 1:39
  SPEAKER_01: So a lot of people uh get really scared when they hear you may have to get a bridging loan.
• 1:46
  SPEAKER_01: They get really scared.
• 1:49
  SPEAKER_01: Bridging loan is one of the most easiest loans for me.
• 1:54
  SPEAKER_01: And you know, if you ask any of RT members, uh they'll jump jump to a bridging loan than a uh conventional loan.
• 2:04
  SPEAKER_01: It's that simple.
• 2:06
  SPEAKER_01: Now, bridging means we need to create a bridge between two transactions.
• 2:13
  SPEAKER_01: That is what this loan is about.
• 2:17
  SPEAKER_01: So most common bridging loan is about uh you're selling a property and you're buying a property.
• 2:26
  SPEAKER_01: So your uh the property that you're selling, the money that you're getting to your pocket is the money that you're using as your contribution to buy the property you're buying.
• 2:39
  SPEAKER_01: Right now, there's a timing issue.
• 2:43
  SPEAKER_01: So during this particular transaction, your property that you're selling may get sold and settled after the property that you buy.
• 2:55
  SPEAKER_01: Who's gonna give that money?
• 2:57
  SPEAKER_01: Because you want that money to even you know pay the deposit.
• 3:02
  SPEAKER_01: Somebody has to give this money.
• 3:03
  SPEAKER_01: Either you go and have to ask from your parents or your friends, or even some people take a personal loan as well to screw up the whole thing during that process because they were so scared to get a bridging loan.
• 3:17
  SPEAKER_01: But bridging loan, what it does is they will do a valuation of the property that you're selling, or if you have a sale contract already in place, they'll take that into equation.
• 3:29
  SPEAKER_01: They deduct the loan that you have to pay when you're selling that property.
• 3:34
  SPEAKER_01: Remainder after cost, they'll use it towards the purchase as your contribution.
• 3:40
  SPEAKER_01: Now, because this money is not available right now as liquid cash, the bank will lend that to you towards a uh shorter term.
• 3:49
  SPEAKER_01: Right?
• 3:50
  SPEAKER_01: Sometimes bridging loans can go from uh one month, three months, six months.
• 3:56
  SPEAKER_01: Majority of the bank they won't stick with six months, but if you want to get more than six months, there are ways.
• 4:02
  SPEAKER_01: So bridging loan is uh a loan facility that uh lot of people use or people have to use when they are selling a property and buying a property for themselves or even investment.
• 4:22
  SPEAKER_01: But the selling property is settling after the purchasing property.
• 4:28
  SPEAKER_01: Is it is it is it clear, Vish?
• 4:31
  SPEAKER_00: Yeah, that's clear.
• 4:32
  SPEAKER_00: Yeah.
• 4:32
  SPEAKER_00: May I have questions to ask, but yeah, go for it.
• 4:34
  SPEAKER_01: Go for it.
• 4:35
  SPEAKER_01: Yeah, ask some questions.
• 4:37
  SPEAKER_01: Let's make it fun.
• 4:38
  SPEAKER_00: No, 100%.
• 4:39
  SPEAKER_00: So so now there are two loans, right?
• 4:41
  SPEAKER_00: You said the existing loan on the property you're selling.
• 4:45
  SPEAKER_00: If they have it off, they have that balance, plus they have to get a loan out for the new purchase.
• 4:51
  SPEAKER_00: So let's say they have$500,000 left of their existing loan balance, that property is valued at a million dollars.
• 4:58
  SPEAKER_00: So there's$500,000 of equity there, right?
• 5:01
  SPEAKER_00: And they're purchasing a property of let's say$700,000 just to make the numbers easy.
• 5:06
  SPEAKER_00: Right?
• 5:06
  SPEAKER_00: So how would that scenario work?
• 5:09
  SPEAKER_00: Okay.
• 5:11
  SPEAKER_01: Doesn't make numbers easy, but that's okay.
• 5:14
  SPEAKER_00: I'll I'll I'll I mean you will have your numbers, you know.
• 5:16
  SPEAKER_00: That's why I want to make it I didn't want to make it too easy for you, you know.
• 5:21
  SPEAKER_01: Oh, it's testing me as well.
• 5:23
  SPEAKER_01: Okay, so when you're buying a$700,000 property, let's look at the property that you buy first.
• 5:27
  SPEAKER_01: $700,000, you have buying cost, such as stamp duty, you know, below your fees.
• 5:34
  SPEAKER_01: The list goes on.
• 5:36
  SPEAKER_01: Let's put 5%.
• 5:38
  SPEAKER_01: $100,000, 5% is$35,000.
• 5:41
  SPEAKER_01: So now$35,000 get added into the purchase cost.
• 5:45
  SPEAKER_01: Purchase, right?
• 5:46
  SPEAKER_01: And then you have to add another, maybe add another$5,000, 40k, 40k.
• 5:51
  SPEAKER_01: So total purchase cost of this property is$740,000.
• 5:55
  SPEAKER_01: That's what you need.
• 5:58
  SPEAKER_01: But the property you are selling is a million dollars, like you said, the loan balance is$500.
• 6:04
  SPEAKER_01: There is a$500,000 coming to your pocket.
• 6:08
  SPEAKER_01: Maybe after some you know lawyer fees and selling cost, etc., you might get about uh uh four hundred and eighty thousand.
• 6:17
  SPEAKER_01: Okay, but for the number's sake, let's take to five hundred thousand.
• 6:22
  SPEAKER_01: Now the person who's selling will say uh to to to you or your uh mortgage broker, say hey look, I'm buying this for 700,000.
• 6:32
  SPEAKER_01: I need to get a loan of six hundred thousand, or best case scenario, eighty percent of seven hundred thousand, which is five hundred and sixty thousand.
• 6:42
  SPEAKER_01: Okay, now you're getting some money, which is about five hundred thousand.
• 6:47
  SPEAKER_01: So essentially, you only need how much?
• 6:50
  SPEAKER_01: What's your end debt?
• 6:52
  SPEAKER_01: 60k.
• 6:53
  SPEAKER_01: Yeah, the balance.
• 6:54
  SPEAKER_01: Right.
• 6:55
  SPEAKER_01: That's your end date.
• 6:56
  SPEAKER_01: So we call it a peak debt and the end debt.
• 7:00
  SPEAKER_01: So your peak debt is 740,000.
• 7:06
  SPEAKER_00: That's the property value of the new purchase.
• 7:08
  SPEAKER_01: New purchase.
• 7:09
  SPEAKER_01: That's your peak debt, yeah.
• 7:10
  SPEAKER_01: Right?
• 7:11
  SPEAKER_01: And because you're selling the property, no, the other property.
• 7:14
  SPEAKER_01: So at that same time, you have a$500,000 as well.
• 7:17
  SPEAKER_01: Right?
• 7:18
  SPEAKER_01: So you're you're paying interest to that$500,000 and a peak debt of$740,000.
• 7:23
  SPEAKER_01: Yeah.
• 7:24
  SPEAKER_01: So plus$740,000 plus$500,000, which is what?
• 7:28
  SPEAKER_01: $1,240,000.
• 7:30
  SPEAKER_01: Yeah.
• 7:30
  SPEAKER_01: That is your highest level.
• 7:32
  SPEAKER_01: Uh the bank will assess you.
• 7:34
  SPEAKER_01: But bank will never go to service you on the level of your you are servicing a$500,000 debt and a$740,000 debt, because it that that is very unfair.
• 7:47
  SPEAKER_01: Yeah.
• 7:48
  SPEAKER_01: So bank bank will never do that.
• 7:50
  SPEAKER_01: So they will reduce that$500,000, which is net uh sales proceedings that you're gonna get, and they will then service the end debt amount to see whether you can do it.
• 8:03
  SPEAKER_01: Yeah, but at the same time, that$500,000 net proceedings that you get getting to your hand, they will also service that for the first six months as well.
• 8:14
  SPEAKER_01: In case something goes wrong for your sale, you know, it gets delayed, etc.
• 8:20
  SPEAKER_01: Does that make sense to you on the numbers-wise?
• 8:23
  SPEAKER_01: Yeah.
• 8:24
  SPEAKER_01: How it's been looked at.
• 8:25
  SPEAKER_00: Yeah.
• 8:26
  SPEAKER_01: Okay.
• 8:27
  SPEAKER_01: Any other questions, Rishi?
• 8:30
  SPEAKER_00: Okay.
• 8:30
  SPEAKER_00: So now then when we look at that, now what about interest rates?
• 8:35
  SPEAKER_00: So until your current property is sold, are you gonna be paying interest only or are you gonna be paying principal interest on the new loan?
• 8:44
  SPEAKER_01: You pay interest only to the bridging component.
• 8:50
  SPEAKER_01: That's the 500,000 500,000.
• 8:54
  SPEAKER_00: Okay, so on the balance 740,000?
• 8:56
  SPEAKER_01: Yeah.
• 8:57
  SPEAKER_01: The equity that you're putting.
• 8:59
  SPEAKER_01: Pay interest only for that.
• 9:02
  SPEAKER_01: Interest rate is slightly higher, guys, right?
• 9:05
  SPEAKER_01: You have to remember this is a short-term lending.
• 9:09
  SPEAKER_01: Right?
• 9:09
  SPEAKER_01: Banks are not there to uh serve you, banks are there to make money.
• 9:15
  SPEAKER_01: So so there is going to be interest rate is gonna be slightly higher.
• 9:19
  SPEAKER_01: But your end debt of 60,000 is gonna be at a market rate, right?
• 9:25
  SPEAKER_01: But again, it is all depends with the mortgage broker or the bank or financier that you're engaging with.
• 9:33
  SPEAKER_01: Uh, most uh first cases I have seen uh your uh the bank has given them their uh the the bridging loan rate for the whole lot for the total.
• 9:50
  SPEAKER_01: So so it's a little bit expensive, right?
• 9:52
  SPEAKER_01: And also remember, your if you have a now this is this is another cool one.
• 9:57
  SPEAKER_01: If you have a loan with, let's say you have a loan with ANZ, current loan, the the property you're selling, and you're going to Westpac for the new property.
• 10:06
  SPEAKER_01: WestPac wants the ANZ loan to be with WestPET, by the way.
• 10:10
  SPEAKER_01: Okay, you can't have it with ANZ.
• 10:13
  SPEAKER_00: Yeah.
• 10:14
  SPEAKER_00: So they would want to refinance that, of course.
• 10:18
  SPEAKER_01: If not, you're talking about a second mortgage, that's another subject.
• 10:22
  SPEAKER_01: Okay, yeah.
• 10:24
  SPEAKER_01: Right.
• 10:25
  SPEAKER_01: So always remember that loan is gonna come to come to the to the uh finance or the lender that you're gonna be having your final date with.
• 10:38
  SPEAKER_01: Okay.
• 10:41
  SPEAKER_00: Yeah, that makes a lot of sense.
• 10:43
  SPEAKER_00: Uh I don't know about most of the listeners might have gotten lost a bit with the numbers, but of course that's because we don't have any visuals uh going in and out.
• 10:52
  SPEAKER_00: But then coming back to the whole strategy of using a bidging loan, right?
• 10:57
  SPEAKER_00: So now we started off saying you said that uh some clients they get scared when they hear the term bidging loans, and they would go down the path of getting a personal loan to put a deposit down for a new property while their current property is on the market to sell, and you said that creates chaos.
• 11:13
  SPEAKER_00: Why why why did you say that?
• 11:15
  SPEAKER_01: Okay, so let me create some chaos to you.
• 11:19
  SPEAKER_01: You have a car.
• 11:20
  SPEAKER_01: Okay.
• 11:21
  SPEAKER_01: Let's say your car value is$30,000.
• 11:27
  SPEAKER_01: Now you found your you know, the car that you really, really like.
• 11:32
  SPEAKER_01: What's that car that you really like to buy?
• 11:35
  SPEAKER_00: The car that I really like.
• 11:37
  SPEAKER_00: I like the Ford Ranger Raptor, you know, it's uh the badass ride.
• 11:42
  SPEAKER_00: The real man's vehicle, you know.
• 11:44
  SPEAKER_00: I mean, I mean, you know, I've seen some women, I've seen some women drive that, and uh I have to say, you know, see a woman driving a badass vehicle, and their attraction appeal just goes up to another level, but that's uh deviating a bit, so we get back to fine ampt.
• 12:00
  SPEAKER_01: Yeah, but uh gotta be carried away, but yeah so now Ford Raptor, right now, brand new from the dealership, uh, without too much of an upgrade, it's about 100k.
• 12:13
  SPEAKER_01: Now you're selling your car, right?
• 12:15
  SPEAKER_01: For 30k.
• 12:17
  SPEAKER_01: You want to get a hundred thousand dollar loan, okay?
• 12:22
  SPEAKER_01: But you tell Ford Ford fellas, hey, look, I I'm selling this car, I've got a$30,000 coming into my pocket, I'm gonna put that as a deposit.
• 12:33
  SPEAKER_01: So you give me a$70,000 loan.
• 12:37
  SPEAKER_01: But when you're buying or you're picking up your Ford Ranger, you haven't sold your car.
• 12:45
  SPEAKER_01: So I don't have the deposit.
• 12:46
  SPEAKER_01: I don't have the deposit.
• 12:49
  SPEAKER_01: So now you asked me the question on that aspect.
• 12:54
  SPEAKER_01: Now, let me when I asked you this, how would you now how are you feeling at this point?
• 13:03
  SPEAKER_00: I need to get$30,000 for the deposit.
• 13:06
  SPEAKER_00: Yeah, go down the path of a personal law.
• 13:08
  SPEAKER_01: Yeah, you're in chaos.
• 13:11
  SPEAKER_01: Yeah, you're gonna ask some friends to give you money, or you're gonna ask for a personal loan which rates are crazy high, right?
• 13:21
  SPEAKER_01: Or you you must be you could be in a desperate situation, you want to sell the sell the car for 25,000.
• 13:29
  SPEAKER_00: And then I'm short of 5,000 bucks.
• 13:30
  SPEAKER_00: Yeah, yeah.
• 13:31
  SPEAKER_01: These are the chaos that happens during bridging, or situations of selling your property and buying a property.
• 13:40
  SPEAKER_01: The reason for this chaos is you don't understand how the bridging loan works.
• 13:45
  SPEAKER_01: You don't have a person or you don't have a team behind you who could help you to navigate through this complex time, I would say.
• 13:58
  SPEAKER_01: It's a temporary complex time, by the way.
• 14:00
  SPEAKER_00: I guess it all just comes down to educating the customer, right?
• 14:05
  SPEAKER_00: So it's the job of the mortgage broker to educate the customer because given the Kharan Marker, what a lot of people think is a mortgage broker, is just there to help them get a loan and compare rates from other banks and other lenders.
• 14:21
  SPEAKER_00: But in reality, that's not just what a mortgage broker is, right?
• 14:25
  SPEAKER_00: Reality is not just the best interest duty, exactly.
• 14:28
  SPEAKER_00: I mean, you know, a lot of a lot of customers would think, oh, that mortgage broker is really good because he'll get me the best rates in the market.
• 14:36
  SPEAKER_00: But I believe now after working at TFS and seeing how you guys, you, Sunali, and the team help certain clients, each client scenario is different.
• 14:46
  SPEAKER_00: So for some of most of them, you guys give different finance like mortgage structures.
• 14:51
  SPEAKER_00: I would I would like to call them smart loan structures, right?
• 14:55
  SPEAKER_00: Because everyone's scenario is different.
• 14:57
  SPEAKER_00: So there is a lack of education when it comes to what a mortgage broker is in the industry.
• 15:05
  SPEAKER_01: Lack of education, um, yes, what a what a mortgage broker could do uh opposed to a banker.
• 15:14
  SPEAKER_01: Um, but again, to be fair for the bankers, there are a lot of bankers I know who has so much of knowledge, um, and they have far better than some of the mortgage brokers in the market.
• 15:29
  SPEAKER_01: Because a lot of mortgage brokers don't have the experience of bridging loans, a lot of mortgage brokers don't have the experience of investment loans, restructuring, recycling the debts.
• 15:40
  SPEAKER_01: They don't understand these kinds of things.
• 15:42
  SPEAKER_01: I mean, it's it's it's a very simple entry point, by the way, right?
• 15:46
  SPEAKER_01: And and uh fair enough.
• 15:48
  SPEAKER_01: You know, you you won't know.
• 15:50
  SPEAKER_01: And some some some individuals don't have experience for themselves as well.
• 15:55
  SPEAKER_01: They are they're also just starting.
• 15:57
  SPEAKER_01: There's nothing wrong with these guys, they're also just starting.
• 16:00
  SPEAKER_01: So, so but end of the day, you have to understand when you are when you are in a situation of a complex situation like that, you you need to make sure how to who would be the team, who would be the uh uh individual that will navigate you through these complex scenarios towards the goal that you want to be, because you know the goal, you know what you want.
• 16:25
  SPEAKER_01: It just is a little bit blurry at the moment, you know, but you need those kind of people in your portfolio, I would say.
• 16:34
  SPEAKER_00: 100%.
• 16:36
  SPEAKER_00: So I guess uh this was a very useful podcast to most customers because they would have not known that they have the option of getting a bridging loan.
• 16:46
  SPEAKER_00: If they are planning on putting their house out on the market, then while the house house is out on the market, they can find a property that they really like, and if it makes sense, if like you always say, if the numbers make sense, yeah, they can give a commitment to the property.
• 17:02
  unknown: Absolutely.
• 17:03
  SPEAKER_01: There are few areas banks look at when it comes to bridging loans, you know.
• 17:07
  SPEAKER_01: They they want to do their valuation.
• 17:09
  SPEAKER_01: If you don't have a uh a signed contract of sale of the property that you're selling, they will do a valuation.
• 17:15
  SPEAKER_01: You understand that you may sell the property$100,000 more than the valuer.
• 17:21
  SPEAKER_01: You cannot um you you you you cannot make you you you can't be upset about this, guys.
• 17:31
  SPEAKER_01: This is what it is.
• 17:32
  SPEAKER_01: Banks are always want to make they they they want to mitigate their risk, right?
• 17:37
  SPEAKER_01: So the valuers will all will do exactly what the banks have instructed them.
• 17:42
  SPEAKER_01: So there are things, there are areas you need to be ticking certain uh uh tick boxes to to be eligible for or even get the bridging loan, right?
• 17:52
  SPEAKER_01: So valuations must stack up, that's number one, and then the property that you're buying that also needs to make sense, right?
• 18:02
  SPEAKER_01: Now, if you're buying something, example could be if you're selling a property for a million and you're buying uh a property for three million dollars, you better have some savings in your uh pocket, right?
• 18:17
  SPEAKER_01: You can't expect the bank to give you that, that the valuation won't stack up, guys.
• 18:22
  SPEAKER_00: Yeah, exactly.
• 18:22
  SPEAKER_00: I mean it doesn't make sense there, right?
• 18:24
  SPEAKER_00: Because you have to you better have other properties maybe you can access equity from if you have a property portfolio.
• 18:30
  SPEAKER_01: Yeah, so there's another subject which we could talk about second mortgages.
• 18:33
  SPEAKER_01: A lot of people are scared about the second mortgage.
• 18:35
  SPEAKER_01: The moment they hear about the second mortgages, they run, they look for the closest exit.
• 18:41
  unknown: Right.
• 18:41
  SPEAKER_00: 100%.
• 18:42
  SPEAKER_00: I mean, not just second mortgages.
• 18:44
  SPEAKER_00: Usually we can talk about debt debt recycling.
• 18:48
  SPEAKER_00: Right?
• 18:48
  SPEAKER_00: So so many other strategies that we will be talking about in late episodes.
• 18:53
  SPEAKER_01: So guys, uh investors, the high class investors, they uh they they they take they they take use of bridging loans, they take use of second mortgages.
• 19:04
  SPEAKER_01: And and these people have net wealth of property portfolios, right?
• 19:08
  SPEAKER_01: I'm not talking about the other income or net wealth of their uh property portfolios above 10 million.
• 19:14
  SPEAKER_01: I'm talking about this kind of caliber.
• 19:16
  SPEAKER_01: They use this.
• 19:18
  SPEAKER_01: The reason they use it, because this makes sense.
• 19:22
  SPEAKER_01: I'm not using my money, I'm using the bank's money.
• 19:26
  SPEAKER_01: There's a good uh ROI.
• 19:29
  SPEAKER_01: Rate of return is very high too.
• 19:31
  SPEAKER_00: 100% and we will be talking about all of these in late episodes because the whole point of the TFS Wealthcast is by giving people an insight into the mortgage industry of what a mortgage broker is, right?
• 19:46
  SPEAKER_00: Uh financial strategies.
• 19:48
  SPEAKER_00: We've also got Sunali with financial planning.
• 19:50
  SPEAKER_00: So we're not just gonna talk about investing in property.
• 19:54
  SPEAKER_00: We we are gonna talk about other sectors they can invest in, they can invest in shares.
• 19:58
  SPEAKER_00: I know you personally don't like investing in shares, but uh like shares for some reason, but I do have shares by the way.
• 20:04
  SPEAKER_01: Yeah, there are certain milestones in my life.
• 20:06
  SPEAKER_01: I have bought shares.
• 20:08
  SPEAKER_01: Just to, you know, uh, remember those milestones.
• 20:11
  SPEAKER_01: But to be honest, they those shares have done real.
• 20:15
  SPEAKER_00: So yeah.
• 20:16
  SPEAKER_00: That's how the TFS webcast is, guys.
• 20:19
  SPEAKER_00: We're not just gonna talk about uh chat GP generated topics, that's not how we do this.
• 20:24
  SPEAKER_00: We're gonna use real life examples because promotional TFS has been in the industry for over a decade, so there's enough MO examples we've got.
• 20:32
  SPEAKER_00: I mean, we when it comes to seasons that we can shoot, it's we can shoot a lot of seasons.
• 20:37
  SPEAKER_00: So, with that being said, uh thank you for joining in to another episode of the TFS Webcast.
• 20:43
  SPEAKER_00: And if you guys really found this topic interesting and you want to know more about how you can apply for bidging loan, you can call us up on our hotline 039193 3634.
• 20:54
  SPEAKER_00: Or you guys can shoot us an email at connect at tomorrowfs.com.au.
• 20:59
  SPEAKER_01: Or just visit the website.
• 21:00
  SPEAKER_01: Or just visit the website www.tomorrowfs.com.com.au Thank you for thank you, fellas.
• 21:11
  SPEAKER_00: See you guys.
• 21:13
  SPEAKER_00: Thank you for tuning in to another episode of the TFS Podcast, where we turn knowledge into action and big goals into real results.
• 21:22
  SPEAKER_00: Now, don't forget to like and subscribe and share this episode with someone working towards their next financial step.
• 21:32
  SPEAKER_00: Now, with that being said, until next time, keep building.