where does everyone go for commercial finance?... i heard olly newland recenty telling bernard hickey that he always funds his buildings with 'non bank lenders'... so any comments from any of you who own commercial buildings would be greatly appreciated..
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The other places are solicitors nominees accounts and finance companies (which are now pretty much stuffed).
it is mostly assets lending so you will require say 60% equity and 40% deposit.
I suggest If you cannot afford obtain finance for commercial purchase though the banks don't bother or take the risk of taking higher rates with the above options.
- If you are not qualified thorough the banks then your finance is probably not sufficiently strong to take on this type of property with the risks that come with it.
(I'm not talking about properties which cost 300k -500k.)New Zealand's #1 Marketplace for Property Investors & Sellers!
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I bought a property this year with finance from a solicitor nominee company. They pretty much still dictate the terms and rates though I think. Lending was at 66%, floating 9% interest only. A hefty fee of somewhere around $10k (1% of property value).
I also had an offer from ANZ but it was P&I, and a bit less than 66%. but the fees and rates were lower (about $6k. and a rate of under 8% approx).Profiting from Property, not People
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Originally posted by DaveW View PostI bought a property this year with finance from a solicitor nominee company. They pretty much still dictate the terms and rates though I think. Lending was at 66%, floating 9% interest only. A hefty fee of somewhere around $10k (1% of property value).
Would they (solicitor nominee) have lent to 66% of Reg Valuation or purchase price?
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Purchase price. Its always the lower of the two.Profiting from Property, not People
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Would they (solicitor nominee) have lent to 66% of Reg Valuation or purchase price?New Zealand's #1 Marketplace for Property Investors & Sellers!
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a solicitor nominee company?? would they have lent to this level if the purchase price was less than reg. val??New Zealand's #1 Marketplace for Property Investors & Sellers!
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