Does the combination of residential and commercial use of a building change the nature of finance available? (maximum LVR) Or do banks consider this commercial?
A building I am looking at is approximately 85 sqm on each level, the ground floor is commercial and first is residential.
Woodsman,
I don’t dabble in commercial much so straight up I would say it is treated commercially at 70% max lvr…
However, I do remember speaking to Bankwest about a commercial property where they were considering financing my client at 80% lvr only so long as the client could service the loan without the commercial rent. This also meant residential rates for the client – sweet [
]This was a long time ago though, and I’m sure some other brokers might be more clued up then me but let me know if you want me to check it out, I can make the phone call. I would expect that if this is still the case they would accept the rental income from the residential portion of the premises, which would be beneficial.
Do you know what the rental is for each?
Liz
Mortgage Lender
1300 780 826
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