Hi all, and especially mortgage brokers with commercial loan experience .
We are purchasing a block of units in a line (one title) and have been told that the loan needs to be on commercial terms although the units are residential units. We are going through St George and my question is, what would the maximum length of the loan be (ie, 15 or 25 years) are they likely to do interest only on a 'business loan' for this purchase? Property is in Sydney. The reason I ask is that we have received the docs from the bank and are being told that they will be unlikely to do interest only on the loan, which could be a deal breaker.
Anyone have experience or advice?
Thanks in advance.
We are purchasing a block of units in a line (one title) and have been told that the loan needs to be on commercial terms although the units are residential units. We are going through St George and my question is, what would the maximum length of the loan be (ie, 15 or 25 years) are they likely to do interest only on a 'business loan' for this purchase? Property is in Sydney. The reason I ask is that we have received the docs from the bank and are being told that they will be unlikely to do interest only on the loan, which could be a deal breaker.
Anyone have experience or advice?
Thanks in advance.