need a hand from all mortgage brokers in this website. I was wondering is there anybody out there that lends up to 100% LVR for commercial property situated in Hunter Valley region? And if there is, what is the roughly interest rate?
also, what happens if the independent valuation suggest that 70% of commercial property value equals to 100% LVR of asked price, will there be any lender that will go ahead with it?>
BTW, does that theory extends to residential properties as well..
Want to join financial independence before 31 years old, currently 25
Lenders will only lend on the lower of valuation or contrat price. So if your commercial lender will lend 70% based on a $100,000 purchase price, and the valuation comes in low at $70,000, then first you will have to ask yourself “am I being ripped off?”, and then have to decide if it will work at the loan would be only 70% of $70,000 = $49,000
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