All Topics / Finance / Financing Commercial Property for Investment

Viewing 8 posts - 1 through 8 (of 8 total)
  • Profile photo of Hari YellinaHari Yellina
    Participant
    @yellina
    Join Date: 2007
    Post Count: 101

    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.

    Regards,
    Hari Yellina.

    Hari Yellina
    Email Me

    Keep Investing - Grow while Resting.

    Profile photo of MortgagemanMortgageman
    Participant
    @mortgageman
    Join Date: 2004
    Post Count: 164

    Hi Hari,

    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.

    Kind Regards,

    Cameron Perry
    Director
    Perry Financial Strategies
    Level 13, 30 Collins St
    Melbourne VIC 3000
    Ph (03) 9662 1999
    Fax (03) 9662 2044

    Profile photo of Hari YellinaHari Yellina
    Participant
    @yellina
    Join Date: 2007
    Post Count: 101

    Cameron,

    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.

    Thank you
    Hari Yellina

    Hari Yellina
    Email Me

    Keep Investing - Grow while Resting.

    Profile photo of elkamelkam
    Member
    @elkam
    Join Date: 2006
    Post Count: 722

    Hello Hari

    Can I ask what sort of commercial property it is?

    Thanks
    Elka

    Profile photo of Hari YellinaHari Yellina
    Participant
    @yellina
    Join Date: 2007
    Post Count: 101

    Elka,

    It is an Office in Melbourne CBD 37 Sqm  (3rd Floor).

    Regards
    Hari Yellina

    Hari Yellina
    Email Me

    Keep Investing - Grow while Resting.

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post 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 Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
    Email Me

    100% Investment Finance now available on selected properties. Email us for further information.

    Profile photo of Hari YellinaHari Yellina
    Participant
    @yellina
    Join Date: 2007
    Post Count: 101

    RiChard & Cameron,

    Hello, Is it Ok for me to come and meet you in the office and talk to you about my situation. Please let me know. So, I can call you and make an appointment.

    Regards,
    Hari Yellina

    Hari Yellina
    Email Me

    Keep Investing - Grow while Resting.

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Sure Cameron will not have a problem.

    Give him a call as i mentioned.

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
    Email Me

    100% Investment Finance now available on selected properties. Email us for further information.

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