Re: Buying an established accommodation business
Posted: Mon Jun 29, 2015 12:10 pm
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.
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.