Commercial loan refinancing

Discussion in 'Loans & Mortgage Brokers' started by Watsy, 30th Apr, 2020.

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  1. Watsy

    Watsy Member

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    Looking to refinance my current commercial loan. When I approach brokers I'm often told I can get 75% LVR but then when it comes to it I'm offered lower. My goal is to release some equity with a 75% LVR. If anyone knows of a broker who can help with this, I'm not interested in anything less, could you please advise. I know it may require more than usual research on behalf of broker and for them to go outside of the lenders they normally use, but this is what I'm wanting. If anyone has advice on who can help that would great. Thanks
     
    thydzik likes this.
  2. Scott No Mates

    Scott No Mates Well-Known Member

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    Are you able/willing to put up any other security (yuck /x-collateralising with another asset but totally different story).
     
  3. Watsy

    Watsy Member

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    I have other commercial properties which could be used as security I guess. Don't really know how all that works..
     
  4. Lindsay_W

    Lindsay_W Well-Known Member

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    What's the purpose of the cash out?
     
  5. Scott No Mates

    Scott No Mates Well-Known Member

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    Chat to one of the brokers in the business section here eg @Rolf Latham

    Alternatively, get a smaller non-crossed loan on one of the other properties (line of credit or small mortgage).
     
  6. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    thanks for the kind words, Pure commercial, you'd best call Lindsay_W in the post above, one of his mates is a comm specialist.

    We do it for existing clients, but not new folks

    As an aside the 75 % is a common bait and switch, the rate for risk loading puts most peops off the extra 10 %

    ta
    rolf
     
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  7. Shahin_Afarin

    Shahin_Afarin Residential and Commercial Broker Business Member

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    Couple of lenders will do 75% and 80% LVR for commercial lending but its dependent on a couple of things such as:

    1. What is the loan amount?
    2. What is the security type?
    3. Is there a tenant in place?
    4. If so are they regularly making their rent payments?
    5. What is the cash out amount and purpose?