I have Purchased a Cash Flow property in the Melbourne CBD 3 months ago. I have taken interest only loan for 1 year. How can I refinance this Commercial property to get a one more cash flow property I have found in the Melbourne.
1) I am looking for a LO Doc loan
2) Want to refiance the loan or get the equity for the new business.
Should I contact my same finance broker or can i call La Trobe straight to get the refiance.
Can anyone suggest me a good finance broker in melbourne.
Hari Yellina.MortgagemanParticipant@mortgagemanJoin Date: 2004Post Count: 164
I would suggest you speak to your finance broker rather than go to LaTrobe (I'm assuming your first loan is with LaTrobe), as there may be a more appropriate lender. if you are looking at buying a commercial property, you will need to have at least 25% deposit plus costs.
Perry Financial Strategies
Level 13, 30 Collins St
Melbourne VIC 3000
Ph (03) 9662 1999
Fax (03) 9662 2044
Thank you so much for your reply. I would like to give you more details and need a very good advice.
My First Investment Property
FIP = Commercial
Loan Amount = $80,900 (69% of the loan)
Value of the Propertty
Purchased for = $117000
Date Purchased = 15/07/2007
Rent Per Year = $12477 + GST
Laon Repayments PA = $7644
Interest Rate = 9.47 %
Loan Term = 1 Year for the moment.
Valuation at this Stage = 170,000 (City of Melbourne on 02/01/2006) for Rates Valuation
Valuation by real estate agent = $190,000 – $210,000
What I am planning to do
1) Get line of Credit on the Line of Credit or Some Cash from the Property.
2) Once I know how much I can have as line of credit .
3) Would like to get one more house / unit (cash flow property )
4) Amount with me at this stage $10,000.
Please advise me if I can get Line of Credit and How should I approach. Should I be going to the same broker and ask him. When I asked him about it, He told to look into the house first and we can talk about it later. But, I want to know before hand to know how much Line of Credit I can get.
Hari YellinaelkamMember@elkamJoin Date: 2006Post Count: 722
Can I ask what sort of commercial property it is?
ElkaRichard TaylorParticipant@qlds007Join Date: 2003Post Count: 12,024
Wow interest rate is not cheap but i guess this is due to the security being slightly on the small size.
Cameron is based in Melbourne and is a regular contributor to the forum. Why not contact him and see what he can do for you.Richard TaylorParticipant@qlds007Join Date: 2003Post Count: 12,024