ergoudanParticipant@uqrchen1Join Date: 2016Post Count: 2
My banker has not been able to figure out how much I may be able to afford for me, so I am raising the question here, as many motel experts are on this forum. I have little idea about the banks’ LVR for freehold and leasehold motels. It seems that for freehold the LVR is up to 70% but is also depending on whether the sale is on split contract or not. Say if I have $300k of cash, would I be able to afford a FHGC motel of $800k, $700k or $600k? Any advice will be appreciated.thecrestParticipant@thecrestJoin Date: 2004Post Count: 992
Banks should be able to give you some ball park figure based on knowing your circumstances and by you giving them an example motel showing costs, turnover, age, condition, size, facilities like pool, restaurant, land size, historic figures, SWOT analysis etc. You need them to give you an indication of how much $ you can go shopping with. LVRs differ between applicants and motels and current economic conditions. Start with what you want and why.