To those who have more experience than I… Is it difficult to get a loan for a commercial property, if the LVR is around 86-90% (once all the extra fees like building inspection, conveyancing, etc.) are added on?
Allan.
Allan, anything is possible, but you would be looking at a pretty high rate.
Yu would probably get a decent rate for the first 70% or so and then a huge rate for the remainder. This will most often be second mortgage or caveat finance territory which can get pretty scary. I guess, when averaged over all borrowings, the overall interest rate would only be slightly frightening.
The Mortgage Adviser
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Essential LinksNo it’s not difficult.
Dazz, are you suggesting 86% – 90% LVR on a SINGLE STAND ALONE commercial security is not difficult to obtain?
The Mortgage Adviser
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Essential LinksOh great perhaps you could help then dazz.
I have a client seeking 90% funding on a golf course on a stand alone security. Applicant is Pty Ltd company with no trading figures but the Direct is a leading retired Qld golfer who is prepared to guarantee the deal.
All of his assets are in his wifes name who is not prepared to become involved in the transaction.
Property is a mortgagee in possession and we need 90% of valuation. I am stuck at 85% at 7.65% variable.
If you could direct me that would appreciated.
Cheers Richard
richard at castlewhite.com.au
Email me for details of our Qld wrap CD which gives you a full Installment Contract.Richard Taylor | Australia's leading private lender
Rob – no I’m not.
Richard – no sorry…I gather you would value my free help or free direction commensurately with what you paid for it.
Originally posted by Dazzling:No it’s not difficult.
So what does this refer to Dazz???
The Mortgage Adviser
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Essential LinksOriginally posted by JustAllan:To those who have more experience than I… Is it difficult to get a loan for a commercial property, if the LVR is around 86-90% (once all the extra fees like building inspection, conveyancing, etc.) are added on?
Allan.
Very difficult without additional security.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
But with additional security, the LVR would not be 86% – 90%.
The Mortgage Adviser
http://www.themortgageadviser.com.au
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