Re: Landfill/commercial waste management facility mortgage
Posted: Thu Jun 23, 2016 2:56 pm
Hi Compere artist, welcome to the forums.
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:
Cheers,
Otto
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.
- You can't get a commercial loan doc loan for this property type.
- You need to have substantial industry experience.
- If you plan to operate a business from the site then you will need to provide a business plan.
- Interest rates may be up for negotiation depending on the strength of your situation and security property.
Cheers,
Otto