All Topics / Finance / Thinking of refinancing loans Comercial loan to residential?
Hi,
Just chasing any advice etc on which bank might be best or would likly be able to re finance my existing loan on residential block with technically 6 studios and elvated house with 2 units build under it, all on one tittle? Im paying just under 8% variable P&I at moment and would like to get fixed period IO at more likely residential rate. Can it be done. I have another residential property also with same bank Commbank surely i can package a better rate all up? Whats is the best commercial lender if i still have to go comercial?Thanks
Normally anything over 4 units on the same Title is considered Commercial and the rates and fees charged reflect this.
In saying this there is the odd lender who may look at the deal on residential terms however dont expect to be getting all the Pro discounts etc. Normally these deals are done at standard residential variable rate.
The rate will depend on the overall loan to valuation and other factors so without a lot more detail it is difficult to comment further.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
As Richard mentioned, hard to give you a definite rate without knowing a few more details….
There are tier 2 commercial lenders who are offering 6.90- 7.35% fixed for 1-3 years for commercial property at LVR of 65% for the right client , conditions and security type.
I suggest you contact Richard above with a bit more details and he should be able to provide you with a few options.
Regards
MichaelMick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
Thanks. I might have to do that. I used Aussie to find me the deal through commbank but i wasnt really that impressed with them. Commbank as I was borrowing 100% had me use 2 properties as security and set it up under a company structure seemed like alot of security consideringit was bought for 670k valued 640k by bank and they hold security over one they valued at 580k and another at 800k/. Seemed like a lot to me but i was working to deadline. Considering it was fully tennanted brings in 1250 per week and my wage was around the 150k?
You must be logged in to reply to this topic. If you don't have an account, you can register here.