You may already know that landfill sites / waste management facilities are a highly-specialised commercial property type. This basically means that your choice for lenders is usually limited and the ones that do accept this will have strict lending criteria.
Generally, you're required to meet the following criteria to qualify:
You can borrow up to 50% of the property value or more if you're using a residential property as security.
If you have a waste management business then you can borrow up to 50% of the value of the business depending on how strong the business is.
The maximum loan term is 5 to 10 years.
Principal and interest (P&I) repayments are only allowed. This means there is no interest only feature.
Lenders will usually need you to provide your last two years' personal tax returns to prove your income.
If you're running a business, you will have to provide your last two years tax portal and business bank statements along with the above. You may also be asked to provide an accountant's letter to prove your financial position.
Please note that if you're buying the land and the waste management facility as a freehold going concern then the bank can want to know what "hurt" money you'll be injecting into the venture to get it up and running and make it sustainable.
You can check out our website to learn more. You can also discuss this with one of our commercial loan specialists directly by calling 1300 889 743 or by enquiring online.