Lending for 5 units in strata titled unit block

Discussion in 'Loans & Mortgage Brokers' started by KevinJ, 15th Dec, 2020.

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  1. KevinJ

    KevinJ Well-Known Member

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    Is it possible to borrow for 5 strata titled unit block at 80% LVR under residential? Do any lenders take such security?
     
    KevinJ, 15th Dec, 2020
    #1
  2. Richard Taylor

    Richard Taylor Well-Known Member

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    Our white label product will do 5 units at 80% to a maximum loan of $2m.

    I can certainly get the office to email you over some product specs if you would like them.

    Cheers


    Richard
     
    Richard Taylor, 15th Dec, 2020
    #2
  3. 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. thanks
     
    thu555, 18th Dec, 2021
    #3
  4. Tony Xia

    Tony Xia Structured Loan Advisor Business Member

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    Not many under residential guidelines. Vaguely I remember 1. But don't know about borrowing under a trust
     
    Tony Xia, 18th Dec, 2021
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  5. Shahin_Afarin

    Shahin_Afarin Residential and Commercial Broker Business Member

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    How many units are there in the block? The number of units will take commercial vs residential and lender options.
     
    Shahin_Afarin, 19th Dec, 2021
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  6. thu555

    thu555 Well-Known Member

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    There are 4 units on the block. And it is near Brisbane, so metro location.
     
    thu555, 19th Dec, 2021
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  7. Shahin_Afarin

    Shahin_Afarin Residential and Commercial Broker Business Member

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    If its 4 units on a single title then there are a handful of lenders that will do this under residential lending, such as CBA, Adelaide Bank, Bankwest, Heritage, etc.

    There are other lenders like Westpac, St George, Auswide, etc that do 4 units but under lower LVR's 60%-70%.

    Your main issue will be comparable lenders so you want to use a lender that has their own DUA.
     
    Shahin_Afarin, 20th Dec, 2021
    #7