Could someone tell me which banks will use a valuation that has been based on the building being tenanted? rather than the building being vacant.
Also which of these banks have the lowest fixed interest rates?
Questions to general, need to know:
1. need to know a bit abt the deal ( no point saying CBA etc…if they don’t touch your deal)
2. LVR?
3. Loan amount
4. Location ( just postcode is fine)
5. Type of transaction- Investment or self uses? ( ie will you be running the business or renting the premises out?)These are the basic 5 questions.
Regards
MichaelMick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
Shape wrote:Questions to general, need to know: 1. need to know a bit abt the deal ( no point saying CBA etc…if they don't touch your deal) 2. LVR? 3. Loan amount 4. Location ( just postcode is fine) 5. Type of transaction- Investment or self uses? ( ie will you be running the business or renting the premises out?) These are the basic 5 questions. Regards MichaelShape
2. 70% LVR
3. $850k less 30%, loan amount $595k
4. 4217
5. investment, tenants already in place
Question 1 is probably the most imporant
What sort of deal is it? Boarding house? Bakery? warehouse? farm? etc….—-
Generally speaking; ( the list changes quite a bit depending on lender)
—-Easier—-
Car park
Aged care
Child care
Motel/Hotel ( under 25 units)
Pubs
Car work shop
Offices ( location dependent)
Taxi plate
Management right
Shop front ( zoning conditions)
Mixed zone
Boarding house ( can be part of residential as well)
Muti residential accommodation
Block of units > 12 ( under 12 it’s still residential lending with some)
Rent roll
Pharmacy—Hardier—-
Private hospital
Supermarket
Private school
Rural area ( population under 10,000)
Farm
Vet
Brothel
Clubs
New business- start up ( depending on exp)
Shopping centerMick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
Shape wrote:Question 1 is probably the most imporant What sort of deal is it? Boarding house? Bakery? warehouse? farm? etc…. —- Generally speaking; ( the list changes quite a bit depending on lender) —-Easier—- Car park Aged care Child care Motel/Hotel ( under 25 units) Pubs Car work shop Offices ( location dependent) Taxi plate Management right Shop front ( zoning conditions) Mixed zone Boarding house ( can be part of residential as well) Muti residential accommodation Block of units > 12 ( under 12 it's still residential lending with some) Rent roll Pharmacy —Hardier—- Private hospital Supermarket Private school Rural area ( population under 10,000) Farm Vet Brothel Clubs New business- start up ( depending on exp) Shopping centerIndustrial,
I own the property and want to refinance, but I know some banks will look at it as vacant and others will look at it as being tenanted – the property is tenanted for about 2 more years with further options and in this case the valuation is higher as being tenanted, there for want to use a bank that will look at it as being tenanted.
Hi Keiko,
If you have a tenant in already, and a lease in place, they will (should!) take this into account when the commercial valuation is done. In most case they would use a professional 'panel valuer' for a commercial property, but even if not, the rental on an existing tenancy lease will be taken into account.
All the best with the refi.Cheers
Spoken to a commercial valuer, with most Industrial factory they will value it as vacant due to high vacancy rate due to the recent QLD floods…..however some valuers will still consider as tenanted if:
1. you have a 5×5 renewing lease or more
2. Solid tenant ie the tenant is a franchise and has a well known brand but most importantly also needs a min 5 years continue lease from valuation date.Also on a 70% LVR refinance for a Industrial is def possible because of your location 4217 is an prem area for commercial deals..
Regards
MichaelMick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
Shape wrote:Spoken to a commercial valuer, with most Industrial factory they will value it as vacant due to high vacancy rate due to the recent QLD floods…..however some valuers will still consider as tenanted if: 1. you have a 5×5 renewing lease or more 2. Solid tenant ie the tenant is a franchise and has a well known brand but most importantly also needs a min 5 years continue lease from valuation date. Also on a 70% LVR refinance for a Industrial is def possible because of your location 4217 is an prem area for commercial deals.. Regards MichaelHi Shape, I have a valuation which was done by a major valuer which most banks use and the valuer did the valuation based on it being tenanted, but one bank has told me they will not give me 70% of this valuation figure as they only look at vacant valuation figures.
There for they want to trim up my valuation, which really means I mite end up with 60% LVR
So what I am looking for is the names of banks that will give me 70% of the valuation that has been done based on it being tenanted.There’s a few that will do it…a matter of choosing the right lender; me giving you a list of lenders will not help you as
1. Some of them only deal with brokers ( whole sale funding….)
2. You may not fit their criteria, so chance of rejection can be high if you dont know their policy + too many credit hit will not help your caseExample; one of the bank that may be able to do this is NAB commercial; however one of the issue is they normally use their internal valuers; so the valuation you have is invalid…
Now if you chose to go with one of the lenders that will accept your valuation the rate may be higher or application fee etc…
So a balancing act of finding the right lender + right deal.
Regards
MichaelMick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
Shape wrote:There's a few that will do it…a matter of choosing the right lender; me giving you a list of lenders will not help you as 1. Some of them only deal with brokers ( whole sale funding….) 2. You may not fit their criteria, so chance of rejection can be high if you dont know their policy + too many credit hit will not help your case Example; one of the bank that may be able to do this is NAB commercial; however one of the issue is they normally use their internal valuers; so the valuation you have is invalid… Now if you chose to go with one of the lenders that will accept your valuation the rate may be higher or application fee etc… So a balancing act of finding the right lender + right deal. Regards MichaelCool, I do have a broker but wanted to find out which banks would take on this valuation and what there interest rates are before I go back to see him so I have better fireing power.
The big 4 bank’s commercial department has been quite flexible in the last 4 month, so they would be my first contact.
Regards
MichaelMick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
Shape wrote:The big 4 bank's commercial department has been quite flexible in the last 4 month, so they would be my first contact. Regards MichaelThanks
Can you ask your valuer which bank panels he’s approved with ?
cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
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Email Me | Phone Meselling motels in NSW
I'm a property investor in Ghana and i have always been using my own funds, now i want to start using leverage can anyone advice me on how to get the banks in Ghana to help or partner with me on some great location commercial properties i'm trying to buy.
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