Hi All,
I'm looking at a block of 9 older style units in regional NSW. Good cashcow property but the problem is finance.
I suspect I'll need a commercial loan for this one.
Has anyone had any experience with this and who can help?
Thanks,
Martin
Hi Martin
Yes and no.
Believe it or not if the town or city is big enough and there are some comparable sales of similar blocks we can still get this financed at residential rates and lvr's.
Just done a block of 7 for a forum member at standard residential rates but as mentioned all boils down to how many other sales there has been.
If not you are down the Commercial path.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Martin
I think you asked this on Somersoft?
According to Better Mortgage Management which uses Adelaide Banks funds – they'll go up to 10 units on one title.
i haven't tried it – and the regional aspect could cause probs depending on the size of there town.
Why not give Richard a call and see if he can help?
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Jamie is correct there are 2 lenders who may consider it as residential and Adelaide Bendigo Bank are one of them.
Unfortunately they won't do it thru their direct channel and only thru their mortgage management channel of which BMM are one of their managers,
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Dear Marsmac,
Adelaide Bendigo Bank's mortgage manager will require the land is in zone 2 or 3.
If it is middle size town then it might work out as residential.
Arun there is also another lender who will go to 10 units on a single title at residential rates.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
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