Hi All
Can any of you guys dealing in investor’s loans point me in the right direction?I have found a commercial deal in NZ through a friend. It is a shop that will return a good positive cash flow. I approached a mortgage broker who I know and he told me because the property was under $20000 I would not be able to get finance.
Now I don’t know if this is correct or he just could not be bothered finding me finance as there would not be a lot of profit in a small loan like this for him.
Any ideas as I think this is a good deal if I can get the money together.Kerwyn.
As I mentioned in the reply to your email:
You won’t get a mortgage on a loan this small – $50 000 is usually the
minimum. I don’t think it would be worth it either. I would consider a
personal loan or even a credit card to cover this purchase.The fees charged to open a commercial property loan would probably be more
than the additional interest charged on a credit card or personal loan –
Personal loans are around 9% and credit cards a little higher.All the best,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 9853 year fixed rate – 6.85%
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Yes I agree with Simon, just pay cash or using a credit card would be better than a loan. Commerical loans usually have high application fees and high valuation fees – $1000+.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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