on 26-04-2019 02:52 PM
We have an upcoming settlement for a refinance. It involves the discharging bank and 4 different incoming mortgagees . One part of the settlement will involve the return of a bank guarantee to the discharging bank and one of the new lenders providing a replacement bank guarantee. Other than that the only other items each lender expects to receive at settlement will be the discharging banks PPSR releases. Can or should this transaction be done on PEXA?
on 26-04-2019 03:14 PM
Yes Refinances with these additional requirements are routinely done on PEXA. The PPSR release is uploaded into the workspace prior to settlement, and the Bank Guarantee is swapped before or after Settlement, sometimes with support of the industry undertaking available here under Electronic Conveyancing – Significant commercial refinance transactions
Please feel free to direct message me to discuss these options in more detail.
on 26-04-2019 04:22 PM
This is our first refinance PEXA transaction.
I note in the refinance guidelines that it seems that the incoming mortgagee would be the one to set up the workspace. We act for the recipient of the loan (the mortgagor) and I don’t see any option in the ‘representative role’ for me to choose. Am I correct in that one of the incoming banks would be the ones to set up the invitation?
on 30-04-2019 12:19 PM
Guidelines say that the Incoming Mortgagee should create the workspace and invite the other participants.
In reality, the Mortgagee on Title could attend to the creation and invitations, but that is rare.
As you are representing the Proprietor on Title (from a PEXA perspective) you would not be a party to the workspace.
Now you just need to sort out which of the four Incoming Mortgagees wants to create the workspace.
My thoughts are that it should be whoever will be ranking first mortgagee.