Hello Brokers,
Could you plese tell me about any lenders who can finance Student Accomodation/
Thankyou
Dom [biggrin]
Dom
Depends on what you mean by student accomadation.
If you refer to a large Qlder that is zoned accordingly you will probably get 80% LVR but if you mean a multi-unit then you will be probably be limited to 65%.Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
Looking for life cover – We Guarantee to beat any quote you have in writing.Richard Taylor | Australia's leading private lender
Hi richard,
The particular property i am interested in is a 8 bedroom house style with to kitchens and two living areas, across from a university.these will have twelve month lease.
thanks
Dom
If it is just a house that has been set up then I would try for a normal residential loan – ideally with a lender who doesn’t require a formal valuation (the vlauer might point out the setup).
Thats how I did mine.
They will just use the normal rental though – will that be a snag to get serviceability through?
Simon Macks
Residential and Commercial Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Dom
If the property is in Brissie then you might get 90% but as Simon mentioned serviceability maybe an issue.
Most Mortgage Insurers wont like the fact that the property has 2 kitchens so that may cause a problem.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
Looking for life cover – We Guarantee to beat any quote you have in writing.Richard Taylor | Australia's leading private lender
Thanks guys,
BUT, what bank would not get a valuator in and servicebility is not a problem?
Dom
[biggrin]
Originally posted by salacious:Thanks guys,
BUT, what bank would not get a valuator in and servicebility is not a problem?
Dom
[biggrin]
Guess that is where a good broker proves his worth …
Simon Macks
Residential and Commercial Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Simon,
The property is in victoria. What reason would a lender not do a valuation and at what interest rate? I have the 25% required for a commercial loan and if this was remotly possible it would leave me with more cash to purchase more properties.
Dom
[biggrin]
I believe 75% would be achievable.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
Looking for life cover – We Guarantee to beat any quote you have in writing.Richard Taylor | Australia's leading private lender
Dom
You seem to want to not go through a broker for some reason.
There are a few banks that do not require valuations on properties under a certain value and a certain LVR – sometimes 80%.
Other lenders just require a kerbside valuation.
But it all depends on the location/postcode, the amount, the LVR, the lender, whether it is a purchase or refinance and if a purchase whether there is a real estate agent involved (they are wary of people rorting things).
Terryw
Discover Home Loans
Parramatta
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Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Hello,
For people trying to buy a commercial property the biggest hurdle is trying to come up with te 25% to 30 % deposit because supposidly it is of higher risk to the banks.
I dont communicate with the banks directly i prefer to use a broker. It is possible to put a 5% deposit on a commercial property but what value is this to someone when the interest rate is over 9%.Dom
[biggrin]
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