Hi Brandon Fisher,
If your commercial property has a wide appeal, is in a good location and is zoned as residential, commercial, industrial or mixed then it will most likely be considered a standard commercial property, e.g.
offices.
The following are generally considered standard commercial properties, which are usually the best type of security for a commercial property loan:
- Factories and warehouses.
- Shop fronts and retail space.
- Residential (block of units, house, unit or townhouse).
Specialised commercial properties are usually difficult to sell because they appeal to a more niche market and are also difficult to value. This is because they are understandably perceived as a higher risk to the lender, e.g.
Farms and other rural properties.
Other properties commonly considered as specialised commercial properties include:
- Accommodation (backpacker, motel, hotel, resorts, bed and breakfast, caravan parks).
- Aged care centres and car yards.
- Child care / preschools.
- Function / reception centres.
- Land subdivisions.
- Service stations or petrol stations.
- Property developments.
- Pubs / hotels / taverns and restaurants.
- Shopping villages / centres, etc.
If there's anything more you'd like to know, you can check out our website. You can also discuss your situation directly with one of our mortgage brokers by calling
1300 889 743 or
enquire online for a free online assessment today.
Cheers,
Otto