Considering buying a small retail shop as an investment.
Would like a recommendation for a mortgage broker with experience financing commercial real estate as an investment.
The property has a tenant in place with and reasonable length lease.
NSW based, but happy to work remotely.
Seeking a Mortgage Broker for Commercial Real Estate
mskeggs on 08/04/2024 - 22:10
Comments
Hi mskeggs,
Happy to help, I'll dm you now!
Best Regards,
Nick
GoFundMe?
I'll send you a link. Good for $200k?
What sort of partnership share will I get for $200k?
A high flyer like you will have the glow of an extra kindness going out into the world.
Commercial is not much different to resi so if you're comfortable applying for a resi loan then you don't need a mortgage broker for commercial. I understand if you want the guidance etc then all mortgage brokers can access commercial loans. Then just use whichever mortgage broker you last ysed and were happy with their service. Yes there are some brokers that specialise in commercial, but their lending panels are shared across all brokers in their aggregator and they are not specific to resi/commercial.
If you're happy to go yourself, then check out ING Commercial. if the loan is between $2m - $5m then they are discounting 40bps off their rack rate of 6.54% down to 6.14%. Both P&I or IO. Application fee 0.2% capped at $5k. 20 year terms with IO up to 5 years. Downside is their standard 65% LVR for a retail shop.
Suncorp do 80% LVR for a retail shop and they've got relatively good rates too. Depending on loan size and their appetite in the given week, they've offered 6.29% recently.