I have Purchased a Cash Flow property in the Melbourne CBD 3 months ago. I have taken interest only loan for 1 year. How can I refinance this Commercial property to get a one more cash flow property I have found in the Melbourne.
1) I am looking for a LO Doc loan
2) Want to refiance the loan or get the equity for the new business.Should I contact my same finance broker or can i call La Trobe straight to get the refiance.
Can anyone suggest me a good finance broker in melbourne.
Regards,
Hari Yellina.Hari Yellina
Email MeKeep Investing - Grow while Resting.
Hi Hari,
I would suggest you speak to your finance broker rather than go to LaTrobe (I'm assuming your first loan is with LaTrobe), as there may be a more appropriate lender. if you are looking at buying a commercial property, you will need to have at least 25% deposit plus costs.
Kind Regards,
Cameron Perry
Director
Perry Financial Strategies
Level 13, 30 Collins St
Melbourne VIC 3000
Ph (03) 9662 1999
Fax (03) 9662 2044Cameron,
Thank you so much for your reply. I would like to give you more details and need a very good advice.
My First Investment Property
FIP = Commercial
Loan Amount = $80,900 (69% of the loan)
Value of the Propertty
Purchased for = $117000
Date Purchased = 15/07/2007
Rent Per Year = $12477 + GST
Laon Repayments PA = $7644
Interest Rate = 9.47 %
Loan Term = 1 Year for the moment.Valuation at this Stage = 170,000 (City of Melbourne on 02/01/2006) for Rates Valuation
Valuation by real estate agent = $190,000 – $210,000What I am planning to do
=====================1) Get line of Credit on the Line of Credit or Some Cash from the Property.
2) Once I know how much I can have as line of credit .
3) Would like to get one more house / unit (cash flow property )
4) Amount with me at this stage $10,000.Please advise me if I can get Line of Credit and How should I approach. Should I be going to the same broker and ask him. When I asked him about it, He told to look into the house first and we can talk about it later. But, I want to know before hand to know how much Line of Credit I can get.
Thank you
Hari YellinaHari Yellina
Email MeKeep Investing - Grow while Resting.
Hello Hari
Can I ask what sort of commercial property it is?
Thanks
ElkaElka,
It is an Office in Melbourne CBD 37 Sqm (3rd Floor).
Regards
Hari YellinaHari Yellina
Email MeKeep Investing - Grow while Resting.
Wow interest rate is not cheap but i guess this is due to the security being slightly on the small size.
Cameron is based in Melbourne and is a regular contributor to the forum. Why not contact him and see what he can do for you.
Richard Taylor | Australia's leading private lender
RiChard & Cameron,
Hello, Is it Ok for me to come and meet you in the office and talk to you about my situation. Please let me know. So, I can call you and make an appointment.
Regards,
Hari YellinaHari Yellina
Email MeKeep Investing - Grow while Resting.
Sure Cameron will not have a problem.
Give him a call as i mentioned.
Richard Taylor | Australia's leading private lender
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