Commercial Loan for Under 4 Town Houses?

Discussion in 'Loans & Mortgage Brokers' started by Bob1, 10th Mar, 2020.

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  1. Bob1

    Bob1 Member

    Joined:
    9th Feb, 2020
    Posts:
    6
    Location:
    Melbourne
    Hi all

    Is it possible to obtain a "Commercial" development loan for a 2 or 3 residential townhouse development instead of a Home Loan?

    The reason for this is that i may struggle to demonstrate servicing on standard home loan assessment terms but may be able to service under a commercial loan if my intention is to sell after the build.

    Thanks
     
  2. David R Sutantyo

    David R Sutantyo Active Member

    Joined:
    2nd Jan, 2020
    Posts:
    39
    Location:
    Sydney
    In short - yes it is possible. There's a bit more complexity involved when it comes to that, however.
     
  3. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

    Joined:
    15th Aug, 2005
    Posts:
    7,534
    Location:
    Gold Coast
    how much are u failing normal bank servicing by ?

    ta
    rolf