BankWest Commercial Loan

[Hulkster]

Does anyone know what the current 5 year fixed rate Interest Only, is for commercial loans with BankWest? I've tried the website which only lists variable, and the phone contact can only pass your details on to a lender.

Cheers

Nick

 

[geoffw]

I'm not sure that an IO commercial loan is available.

I have variable P&I with them. The rate is 10.55% and it's a 10 year loan. It's only that long because we had a 10 year lease.

 

[Dazz]

Nick,


When I approached Bankwest for an IO commercial loan, they said they had no money and "go away - the shop is closed". Perhaps you'll have better luck.

 

[Hulkster]

Same message Dazz - they're wanting us to leave them with an existing IO commercial facility. Was looking to compare what they are currently offering with private funding offer we are currently looking at.

The rate is better than our current rate but the fees are the killer.

 

[Hulkster]

I'm not sure that an IO commercial loan is available.

I have variable P&I with them. The rate is 10.55% and it's a 10 year loan. It's only that long because we had a 10 year lease.

Cheers Geoff - I'm gathering that they don't want anything commercial unless its a farm, and are actively trying to exit hotels.

 

[Rolf Latham]

I would be steering clear of BWA comm at the mo unless its an asset they really want....................

Depending on the security and loan amount, ING and IMB are good middle range options for non reviewable fixed rate term loans

ta
rolf

 

[Spectre]

Hotels are pretty tough, I'm doing one at present at around 60-65%, we could go to 70% but arent. Heaps of factors in it. Location, financial, full or low doc

But if its full doc, say <40 rooms, no Credit issues, late payments etc just a clean swap out of BW we had pricing for around mid 7's low 8's, also on I/O. From a mainstream lender as well.

If you want to DM me the info then I'll check out some figures for you and you can work it from there.