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Article: Wrap trap: Alert over easy-buy home deal.

Article from:
Australasian Business Intelligence
Article date:
June 15, 2003
Copyright

Jun 15, 2003 (The Sun-Herald - ABIX via COMTEX)

Australian consumers are being cautioned about vendor financing deals offered for real estate. Vendor financing - so-called "wraps" - appeal to consumers who cannot obtain loans through banks and non-bank lenders. The deals typically require a small deposit, but usually provide the buyer with little or no recourse should he or she be unable to meet payments. The financing scheme is being heavily promoted in investment seminars as a means to profit from the boom in real estate. Monique Wakelin, of ...

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