Prime Commercial
Loan purpose |
To assist in the purchase or refinance of quality commercial office suites, retail shops, warehouses, industrial property and jumbo residential securities.
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Suitable Borrowers |
Australian residents over 18 years of age, Companies and Trusts.
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Loan Amounts |
From $250,000 to No Maximum
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Maximum LVR |
We will consider loans to 80% loan to value ratio (LVR) but generally limit advances to 70% of value or price; whichever lesser
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Loan Term |
Loans are generally 1 -5 years however longer terms are negotiable with monthly principal loan reductions
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Interest Rate Options |
Variable – indexed to 90 day bank bill rates (or similar) or Fixed 1 – 5 years
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Repayment Options |
Interest Only payable monthly in arrears.
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Loan Principle Reductions |
Borrowers can make once off principal reductions without penalty and may discharge (during variable rate mode) on any rate reset date without incurring penalties.
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Acceptable Securities |
Commercial or residential security in population centres above 20,000.
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Unacceptable Securities |
Hotels, Sporting facilities, specialised industrial, Petrol Stations, vacant land and rural zonings – farms.
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Construction |
Minimum loan $1m – must have fixed price building contract. Payments will be progressive and monitored by a quantity surveyor.
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Establishment Fees |
We do not charge application fees however we will require you to pay the cost of an independent valuation and our legal fees in preparing loan and mortgage documentation together with any government and statutory charges.
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Loan Approval and Funding |
How quickly we respond will depend, to a large extent, on how quickly you can supply documentation including:- Loan application, last 2 years tax returns and full financial statements on all borrowers and guarantors, full copies of (the security) leases, insurance, rate certificates and business bank statements. We can generally provide an indicative Offer of Finance within 2 – 3 days of receiving the bulk of the paperwork whereafter we can order a valuation. Funding is generally available within 4 – 6 weeks of you lodging a successful loan application.
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