Hi petad,
With the current security being a short term accommodation security, this would mean that we would need to put this with a commercial lender. When we approach commercial lenders, the maximum lending is usually around the 65% marker.
With what you are looking at doing, we would require a much larger deposit being about $525,000.
If you have a guarantor or other properties yourself, you can use it as security support to obtain more funding. Rate wise we are looking at about a 6-8% rate depending on the lender.
Buying an established accommodation business
- Hoa Hong
- Mortgage Specialist
- Posts: 331
- Joined: Thu Aug 26, 2010 10:15 am
- Location: Sydney, Australia
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Re: Buying an established accommodation business
Hank (Hoa) Hong
Senior Mortgage Consultant
Australian Broking Award Winner for 2012 - Newcomer of the Year
P | 1300 889 743 E | hank@homeloanexperts.com.au
Home Loan Experts
Senior Mortgage Consultant
Australian Broking Award Winner for 2012 - Newcomer of the Year
P | 1300 889 743 E | hank@homeloanexperts.com.au
Home Loan Experts