Strata offices - commercial property finance

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From: Dezi Szilagyi



I came across what looks like a good deal in a Melbourne inner suburb. I would really appreciate some help with how to find suitable finance for commercial properties. The offer I've got from a finance broker is around 8.75% which looks too high to me. In the same time I found that the considerations are quite different from residential investment properties. Is anybody involved in something similar?
All advise welcome.
Dezi.
 
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Reply: 1
From: Tony Camera


Hi Dezi,
Leave me your contact number & i'll get someone to call you with hopefully a better offer than you currently have.

Regards Tony
tcamera@optusnet.com.au
 
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Reply: 2
From: Geoff Whitfield


Dezi,

Also check for other conditions when getting a commercial loan. You might only be able to borrow to 70% of LVR; you may have to pay back the loan in a 10 year period (no Interest only option).

Geoff
 
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Reply: 2.1
From: Jerry Maguire


8.75% u call that high!!!
it depends on what u want if the rate is the difference between securing the deal and making a profit.
i'll let u decide yourself if u want a deal to slip through because u doesn't wanna pay the rate of say 15% even though u know that after all cost u can still make a profit...
u r a starts with a m and ends with a n.
8.75% that is pretty low if u can make a profit out of it.
if u shop around some of them might tell u the rate is well over 12-20%.
make sure u get the broker to put it in writing for u that the rate is 8.75% cos sometimes they come back with a rate say currently 8.75% but after they F u around for 2 mths and say sorry the best rate is 15% and u say what the...
shop around like everyone else say and get the offer of the rate in writing.

Jerry
 
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Reply: 2.2
From: Jerry Maguire


8.75% u call that high!!!
it depends on what u want if the rate is the difference between securing the deal and making a profit.
i'll let u decide yourself if u want a deal to slip through because u doesn't wanna pay the rate of say 15% even though u know that after all cost u can still make a profit...
u r a starts with a m and ends with a n.
8.75% that is pretty low if u can make a profit out of it.
if u shop around some of them might tell u the rate is well over 12-20%.
make sure u get the broker to put it in writing for u that the rate is 8.75% cos sometimes they come back with a rate say currently 8.75% but after they F u around for 2 mths and say sorry the best rate is 15% and u say what the...
shop around like everyone else say and get the offer of the rate in writing.

btw some of them only lend u between 60 to 70 % LVR only if they only lend u 60% have u got the 40% deposit plus cost...

Jerry
 
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Reply: 2.2.1
From: Dezi Szilagyi


Hi Jerry,
I admit readily that you're absolutely right. It all depends on the deal, that's why I mentioned in my request that my research showed that it's worth persueing. I just tried to make sure it does not cost me more than it's necessary. It's common business sense, isn't it, especially that I have no prior experience with commercial properties of any kind. Thank you for your analysis, it was very useful.

Dezi.
 
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