Financing block of 4 units

Discussion in 'Loans & Mortgage Brokers' started by God_of_money, 10th Apr, 2019.

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  1. God_of_money

    God_of_money Well-Known Member

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    How difficult to get the finance of block of 4 units in current climate?
     
    God_of_money, 10th Apr, 2019
    #1
  2. Simon Moore

    Simon Moore Residential & Commercial Mortgage Broker Business Member

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    That's a very broad question ;) Are you looking to
    1. Buy existing 4 on 1 title block of units
    2. Build 4 on 1 title with the intention to hold
    3. Build 4 on 1 title with the intention to sell
    and whether you have the borrowing capacity to afford the loan.
     
    Simon Moore, 10th Apr, 2019
    #2
  3. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Simon makes a good point, but I will assume 4 units on one title existing stock

    A few lenders will do these at 80 % lvr and resi terms, subject to usual Terms and Conditions

    ta

    rolf
     
    Rolf Latham, 10th Apr, 2019
    #3
  4. Redwood

    Redwood Well-Known Member

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    It depends.....finance is hard generally which is obvious, it will maybe be phrased as which lenders will do 4 on one title as resi loan rather than comm....there are few....
     
    Redwood, 10th Apr, 2019
    #4
  5. geoffw

    geoffw Moderator Staff Member

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    It used to be the case that multi-unit purchases were regarded as commercial - the number of units at which the changeover from resi to commercial depended on the lender.
     
    geoffw, 10th Apr, 2019
    #5
  6. Shahin_Afarin

    Shahin_Afarin Residential and Commercial Broker Business Member

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    Sounds like its 4 established units on a single title.The biggest issue is going to be valuation and comparable sales (or lack of).

    Auswide, CBA, St George, Westpac, Heritage, TMB and Westpac at varying LVR's with CBA being the highest.
     
    Shahin_Afarin, 10th Apr, 2019
    #6
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  7. God_of_money

    God_of_money Well-Known Member

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    Option 1.. 4 units in one title
     
    God_of_money, 10th Apr, 2019
    #7
  8. thu555

    thu555 Well-Known Member

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    Hi. I am looking at 80% or 75% LVR for a block of units in QLD (near Brisbane). I hope I can get it under a residential loan. I would like to buy it in a discretionary trust. Does anyone/broker know whether this is possible with a residential loan rather than a business loan? I only have 1 PPOR debt under my name as well - so I don't believe I have a serviceability issue. If there's a broker that can do this, can you contact me? thanks
     
    thu555, 18th Dec, 2021
    #8
  9. Tony Xia

    Tony Xia Structured Loan Advisor Business Member

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    A few offers 4 dwellings under 1 title. At different LVRs.
     
    Tony Xia, 18th Dec, 2021
    #9
  10. thu555

    thu555 Well-Known Member

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    @Tony Xia Yes, they are all under 1 title. If you are a broker and think it's possible, please let me know.
     
    thu555, 18th Dec, 2021
    #10
  11. Lindsay_W

    Lindsay_W Well-Known Member

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    How many units are in the block? That's the key bit of info we need to know.
     
    Lindsay_W, 19th Dec, 2021
    #11
  12. thu555

    thu555 Well-Known Member

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    It is a block of 4 units near Brisbane (so it is metro).
     
    thu555, 19th Dec, 2021
    #12
  13. David Hui

    David Hui Well-Known Member

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    Yes doable
     
    David Hui, 19th Dec, 2021
    #13