Prime Capital Home Loans | Expert’s Review

Overview

flagFounded: 1997

businessOwned by: Prime Capital Securities Pty. Ltd.

monetization_onFunded by: Various distribution partners

securityLMI Provider:

account_balanceLender type: Non-bank, Specialist

Prime Capital is a specialist lender that works exclusively with mortgage brokers to offer a range of home loan products for businesses. Founded in 1997, this lender has issued over $2 billion in loans to fund small and medium-sized enterprises (SMEs).

In over 24 years of operation, Prime Capital has won several accolades, including Best Non-Bank Lender 2020, helping it become a reputable name in lending. It markets itself as the go-to lender for a mortgage broker whose client would likely be rejected under traditional lending requirements.

How Do Prime Capital’s Home Loans Compare?

Pros

  • Approval within 24 hours for loan amounts between $250k and $10M
  • Settlements within five working days
  • Provides Low-doc and Bad Credit Loans
  • Provides Non-Resident Home Loans
  • Accepts self-certified and accountant-certified income
  • Assesses each applicant’s personal circumstances manually instead of evaluating their credit score
  • Online application form
  • No service calculators, or legacy bank assumptions
  • No postcode restrictions
  • Works with mortgage brokers

Cons

  • Only provides home loans for business and commercial purposes
  • Must apply through a mortgage broker accredited with it
  • Extremely high interest rates on all its products
  • Offers a maximum Loan-To-Value Ratio (LVR) of up to 70%, which is less than the standard 80% its competitors provide
  • Does not provide reverse mortgages
  • Does not give home loans to non-resident borrowers for purchasing apartments
  • Does not accept leasehold properties, retirement villages, nursing homes or bedsits as security
  • Charges establishment fee and monthly administration fee


What Home Loan Types Does It Have?

Prime Capital offers four different types of business home loan packages. All packages have loan term options from six months to three years and include an interest-only repayment system.

Business Basics

The Business Basics package is for fast and straightforward business home loans of up to $3 million.

Its features include:

  • The lowest interest rates available from the lender
  • Accepts accountant-certified income
  • Available for house/townhouse, commercial property, unit, and land
  • No discharge fee
  • No credit scoring
  • Up to 70% LVR

Business Booster

The Business Booster package is suitable for SMEs and property developers requiring up to $10 million.

Features include:

  • Accepts Low-doc and self-certified income
  • Available for house/townhouse, commercial property, unit, and land
  • No credit scoring
  • No postcode restrictions
  • Up to 70% LVR

Business Investor

The Business Investor package is for investors and non-residents requiring up to $5 million.

Features include:

  • Self-certified income is accepted
  • Available for house/townhouse, commercial property, unit, and land
  • No credit scoring
  • No postcode restrictions
  • Up to 70% LVR

Business Builder

The Business Builder is a construction loan package suitable for businesses requiring from $500,000 to $10 million.

Features include:

  • Interest rates starting from 7.45%
  • Self-certified income is accepted
  • Available for construction and land
  • No credit scoring
  • No postcode restrictions
  • Up to 70% LVR

Requirements To Apply For Prime Capital Home Loans

Below are the requirements to apply for a loan with Prime Capital.

  • Be 18 years old or over.
  • Apply through a mortgage broker accredited with this lender
  • Be seeking a loan for business and commercial purposes not personal use
  • Personal and contact details of the applicant
  • Identification, such as a passport or driver’s licence
  • Income statement
  • Statement of debts

Tips For Applying With Prime Capital

Below is a list of tips you can use while applying with Prime Capital:

  • Have good knowledge of the property market and home loan process.
  • Ask for the lending guidelines and go over them carefully.
  • Interest rates for all its loan products are extremely high. So, shop around before deciding this lender is the best option for you.

Compare Prime Capital With Other Lenders

Still unsure about which lender is right for you? Talk to one of our specialist mortgage brokers at Home Loan Experts.

We will first discuss your situation, complete a pre-assessment and find suitable lender options for you.

Give us a call on 1300 889 743 or fill in our free online enquiry form.

Why use us?

We aim to set an example by delivering what we promise: a higher level of service, better advice and better home loans.

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