need to refinance my servicing apartment

Viewing 6 posts - 1 through 6 (of 6 total)

Simon D
Participant
@sduxiaof
Join Date: 2002
Post Count: 5
August 2, 2006 - 5:01 am
Anyone know any lender willing to lend up to 80% of the value for servicing apartment in southbank in melbourne.
CBA only lend up to 50%
St George can lend up to 70%
Not sure any other lender could lend with higer gearing.
Thanks for your info.
Simon D
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condog
Participant
@condog
Join Date: 2006
Post Count: 56
August 2, 2006 - 8:09 pm
I also need to know who finances serviced apartments at 60%+ LVR as i have found a couple to purchase but because they are <40m2 i cant find a lender to finance them at a decent interest rate, even despite an excellent credit record and position statement.
Virgin offer 70% for serviced apartments over 40m2 but i need to find soeone who will lend at > or =70% on a 34m2 .
Derek
Member
@derek
Join Date: 2004
Post Count: 3,544
August 2, 2006 - 10:45 pm
Financing or refinancing serviced apartments is difficult to achieve at good/reasonable LVR levels (a broker will come along and make a liar of me[exhappy]) and for this reason you do need to carefully consider the benefits, or otherwise, of such investments.
Questions relating to serviced apartments do come up from time to time and usually the consensus is they do not make good investments despite them being apparently cashflow positive in most instances.
You have limited LVR capacity and as such these properties tend to suck more of your available equity or deposit money than they deserve, they can have high costs (sometimes hidden), they are usually too small to permanently live in and as such they only appeal to ‘investors’ and as such their growth is questionnable.
For me – steer clear of serviced apartments.
Derek
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http://www.mononpoly.tic.com.au
0409 882 958
Skype – derekjones2113
paulmeese
Member
@paulmeese
Join Date: 2006
Post Count: 26
August 4, 2006 - 11:05 am
i have been told by others that Bank west will do serviced apartments.
Paul Meese
Onyx Finance
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0412 850 820
Richard Taylor
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@qlds007
Join Date: 2003
Post Count: 12,024
August 5, 2006 - 9:58 pm
Paul
They do but only to 60%. Wide Bay used to go to 80% did several deals with them on SA in Noosa.
Cheers
Richard Taylor
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condog
Participant
@condog
Join Date: 2006
Post Count: 56
August 8, 2006 - 9:36 am
Wide bay have advised me that they:
would consider an 80% lend on apartments in Brisbane 50m2 – given that the units have a separate bedroom, kitchen, lounge room and bathroom.
If the units are more along the lines of self contained units similar to student style accommodation or units where there is no bedroom or the bed comes from the wall we will not lend for these style apartments sorry!