Commercial Interest

Viewing 5 posts - 1 through 5 (of 5 total)

azrael
Participant
@azrael
Join Date: 2003
Post Count: 12
September 24, 2003 - 3:38 am
Hi All, I’m quite new to this game and was wondering if anyone could help me out with some advice. My Girlfriend and I have recently come across a commercial property with not too bad a return. The property itself is going for around 185k (approx 7% growth pa) and the rental return is $440.00 (incl gst). The property has a tennant that has been there for two years and just last Friday signed up for another two years. The Council and water rates are taken care of by the tennant and the only outgoings are the 6% mgt fee and about $1300.00 on strata. At the moment we are struggling to come up with a 20% deposit, let alone the 30% required by most Financiers. So I was wondering if anyone out could offer any advice or point me in the right direction to try and push this in the right direction.[][8D] Thx Guys
Melanie
Member
@melanie
Join Date: 2003
Post Count: 382
September 24, 2003 - 4:36 am
Welcome to the forum []
I may be able to help you out – where do you live? Commercial is a bit specialised and outside my area but I know some very good brokers who specialise in this type of lend.
I think if your property is metro-based and as you say the new lease is in place, an 80% lend isn’t out of the question as most commercial lending is revenue not resale value based.
[]
Mel
[email protected]
Mortgage Hunter
Participant
@mortgage-hunter
Join Date: 2003
Post Count: 3,781
September 24, 2003 - 4:48 am
Commercial is a specialised area.
Packaged correctly finance is available for up to 100%.
Email me if I can put you onto someone.
Cheers,
Simon Macks
Mortgage Hunter
[email protected]
0425 228 985
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
azrael
Participant
@azrael
Join Date: 2003
Post Count: 12
September 24, 2003 - 5:06 am
I live in Sydney, and have asked a few mortgage brokers but most seem totally uninterested and have told me point blank that there is no way it would happen.
O[][][]
quote:
Welcome to the forum []
I may be able to help you out – where do you live? Commercial is a bit specialised and outside my area but I know some very good brokers who specialise in this type of lend.
I think if your property is metro-based and as you say the new lease is in place, an 80% lend isn’t out of the question as most commercial lending is revenue not resale value based.
[]
Mel
[email protected]
Melanie
Member
@melanie
Join Date: 2003
Post Count: 382
September 25, 2003 - 1:09 am
Mike Mabey is one of our broker gurus in Sydney who does commercial and residential lends – his contact details are:
[email protected]
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Mel
[email protected]