Hi guys,
Just wondering how much would a bank lend to someone looking at buying the freehold of a petrol station site for say approx 1.1M?
Would it usually be about 65% given its specialised nature? My mate is looking at buying and will seek 100% finance knowing he would need to provide a property from his parents worth approx $500K which is unencumbered as extra security to the bank.
Look forward to your thoughts.
Cheers
Generally many lenders are a bit worried about petrol stations as there many be contamination or environmental issues. So probabbly around 65% would be the max loan available. Arab bank is apparently good with petrol stations.
Terryw
Discover Home Loans
Parramatta
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Generally many lenders are a bit worried about petrol stations as there many be contamination or environmental issues. So probabbly around 65% would be the max loan available. Arab bank is apparently good with petrol stations.
Terryw
Discover Home Loans
Parramatta
[email protected]
Sign up to my mailing list.
Just send me a blank email, with “subscribe†in subject line.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
Hi Chief007,
While there are a few lenders who don’t like service stations, there are a couple of the larger lenders who will lend against them. You should be able to get 70% LVR and a pretty good rate.
Regards
Alistair
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