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In the even changing landscape of commercial lending the property side has seen an expansion for those in the marketplace. Lenders are now looking to assist with additional options around the type of property they will use, changes to LVR and terms they offer.
Many people confuse secured commercial property lending with home loans. There are several differences, with no LMI, difference in servicing requirements and stricter LVR requirements. However, within the marketplace, increases in competition has seen a lowing in rates.
Once limited in maximum terms of 15 years, commercial offerings have now expanded to 25 years with a couple of lenders offering up to 30 years now. This in turn makes the serviceability on these types of mortgages much easier for business owners.
Commercial Property Loan Details:
 AMOUNT
$50k – $5mil |
 TERMS
15-30 Years |
 RATES
from 2.49% |
 SPEED
from 1 Day |
The purpose of a Commercial Mortgage can either be for an owner/occupier or for investment purposes.
Rates can vary, however for businesses that are owner/occupier in the premises they wish to purchase, or an existing premises they are looking to refinance rates start from 2.49%*. For those businesses who purchase or use their commercial premises as an investment the rates start from 3.3%*.
The added benefit of Commercial Loans is there are many lenders who are willing to look at Commercial Mortgage options that are “out of the box”, and have a firm understanding that each business is unique and can offer more flexibility in the products and services that they offer.
Some of these options include lease doc loans, which use only the rental income of the property for the servicing of the loan. There are also Low document submissions where financials are yet to be completed.
If you are looking to purchase a commercial property, or refinance the one you currently own, now is the time to look at your options with great funding opportunities available.
*Rates are for prime property in CBD areas
