I am interesting in buying a property at Parramatta road Sydney.
there is a shop front and 2 bedrooms on the top.
If I want to get a bank loan to fund this deal, is this classified as commercial lending or residential lending ?
what's interest rate like currently if it is commercial lending ? is the term and LVR going to be different from residential lending ?
Property address is 403 parramatta road leichhardt
Taylor
Mixed use, will most likely be a commercial deal.
LVR assume 70%, rate is deal specific but naturally higher than resi rates.
Some lenders don't know what to make of mixed use, as the comm's dept. see residential and want to handball it to resi, whilst resi see commercial and don't want a bar of it.
Corey Batt | Precision Funding
http://www.precisionfunding.com.au
Email Me | Phone MeInvestment Focused Finance Strategist - servicing Australia-wide
Hi Taylor
As Corey said on the LVR but there are some attractive Commercial rates around at the moment especially on the fixed rate front which are down to the low residential rates.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
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