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  • Profile photo of indigo_violet1625738indigo_violet1625738
    Member
    @indigo_violet1625738
    Join Date: 2003
    Post Count: 14
    January 31, 2006 - 3:45 am

    I have found a deal;

    Unit with shopfront below – zoned commercial Asking $105K

    I currently have 2 IPs

    1. value 220K loan 160K
    2. value 210K loan 173K

    PPOR
    1. value 300K loan 225K

    So in other words about $15K equity in IP 1. Enough savings to cover closing costs.

    This leaves me $20K short of the 30% deposit I will require to secure commercial finance at the standard 70% lvg.

    Seeking ideas on how I can make up the shortfall – and/or if there is other products that offer higher lvg on commercial property?

    Many thanks

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    January 31, 2006 - 5:13 am

    Firstly i would have throught with a combined residential / commercial residence you would get more than 70% LVR.

    On the assumption you can’t wouldn’t you just refinance maybe the PPOR or IP to 90% (work out what is required for settlement and calculate the lowest mortgage insurance cost) and utilise the funds to bridge the difference.

    Richard Taylor
    Residential & Commercial Finance Broker
    Ph: 07 3720 1888
    [email protected]

    Richard Taylor | Australia's leading private lender

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