Commercial Mortgage Broker in Newcastle

kbmanufacturing · 10th May, 2013

Gday All
Can anybody recommend a good Commercial Mortage Broker in the Newcastle area. Im looking at a block of studio appartments (>7) with the smallest one at 25sqm. 80% LVR or thereabouts.

Cheers
Dave

Aaron_C · 10th May, 2013

You may be able to get this under residential loan rather than commercial.

kbmanufacturing · 10th May, 2013

Thanks Aaron, Residential would be great. Do you have any suggestions.

Propertunity · 10th May, 2013

kbmanufacturing said:
Im looking at a block of studio appartments (>7) with the smallest one at 25sqm. 80% LVR or thereabouts.

No those ones with a very ordinary 4.8% yield in West Mayfield?

or those other ones in Kahibah?

kbmanufacturing · 10th May, 2013

The Kahibah ones. Although at this rate im struggling just to make contact with a bank for finance.

Shahin_Afarin · 10th May, 2013

It would be very tough doing it under residential and the LVR would be much lower. Commercial shouldn't be a problem.

You may have a few options - have you been speaking to the bank or a broker?

kbmanufacturing · 10th May, 2013

Ive contacted the bank that has my PPR (Newcastle Perm) to raise an equity loan to fund the unit block deposit. I was also referred to their commercial division but have not had the phone call returned yet, called them on Monday. However I am aware that my borrowing capacity may be limited with them because they can be conservative and I already have a few other rentals with the Perm.
I contacted CBA who are sending through an email to get some of my details. However they will only lend as a commercial loan at 70% LVR.
I also enquired with ING who would also only do a 70% LVR but would require the proptery to be registered in a business name.

So Im still looking for a loan with an 80% LVR for this property. The property goes to Auction on the 18th.

Peter_Tersteeg · 10th May, 2013

Are the units strata titled or are they all on a single title.

If they each have their own title you can get a bit creative and split it amongst a few lenders on residential.

Rolf Latham · 10th May, 2013

kbmanufacturing said:
Ive contacted the bank that has my PPR (Newcastle Perm) to raise an equity loan to fund the unit block deposit. I was also referred to their commercial division but have not had the phone call returned yet, called them on Monday. However I am aware that my borrowing capacity may be limited with them because they can be conservative and I already have a few other rentals with the Perm.
I contacted CBA who are sending through an email to get some of my details. However they will only lend as a commercial loan at 70% LVR.
I also enquired with ING who would also only do a 70% LVR but would require the proptery to be registered in a business name.

So Im still looking for a loan with an 80% LVR for this property. The property goes to Auction on the 18th.

what rate areu willing to pay ??

ta
rolf

kbmanufacturing · 12th May, 2013

They are all on one title.

I presume the rate would be around 7%.

Rolf Latham · 12th May, 2013

kbmanufacturing said:
They are all on one title.

I presume the rate would be around 7%.

at 80 % Id expect the rate to contain a higher risk component

probably more like 8 %variable
t
arolf

Shahin_Afarin · 14th May, 2013

kbmanufacturing said:
They are all on one title.

I presume the rate would be around 7%.

Depends on a number of things - 7% is achievable but 8-8.5% is more realistic. I certainly wouldn't be dealing with a mutual for this type of transaction.

Commercial Mortgage Broker in Newcastle

More options

kbmanufacturing

Aaron_C

kbmanufacturing

Propertunity

kbmanufacturing

Shahin_Afarin

kbmanufacturing

Peter_Tersteeg

Rolf Latham

kbmanufacturing

Rolf Latham

Shahin_Afarin

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