Commercial property loans for every business owner or investor
Have you got your eye on an industrial or commercial property? Perhaps your business is expanding so you need more space or a new fitout?
We’ve been assisting Sunshine Coast businesses with commercial property loans for many years. Our experienced Mortgage Brokers are able to match you with a lender that has experience in lending to business owners or commercial property investors with properties like yours.
Let us know what you’re looking at and we’ll ensure your commercial property loan is competitive and hassle-free.
Just a few of the property types we can secure loans for include:
- Commercial offices
- Retail spaces
- Shop fronts
- Farms or rural properties
- Pubs, hotels and taverns
- Car Yards
- Petrol Stations
- Caravan Parks
Specialised commercial properties include farms, rural properties, pubs, hotels, taverns, resorts, caravan parks, restaurants, car yards and petrol stations. As these are more difficult to sell they are often a higher risk to the lender.
It’s smart to have a Mortgage Broker on your side for these complex applications. We do this every day, so we know exactly what the banks are looking for in an application, which makes both their job and yours that much easier.
There is less legislation governing commercial property loans. This is great in that the bank’s lending policies can be more flexible. However, as a commercial property buyer you do not have the same protection as home buyers.
Give us a call or enquire online now, so we can run through what to know before you borrow!
We can help you to understand the features available on commercial property loans. For example, loan terms for commercial property are typically up to 15 years, but can be longer if required. Interest rates can be fixed or variable. Additional repayments are often allowed on variable loans. Offset accounts are usually not available. Talk to us so that we can match you with a lender that can accommodate your commercial property finance needs.
Choose a Loanright Broker to be your advocate
There are hundreds of loans available in the commercial property space, so why would you limit yourself to what your bank has available? As Mortgage Brokers we listen to you to understand YOUR needs, then we compare a variety of commercial property loan products available from Australia’s leading lending institutions.
Keep Competition Alive
We work with multiple lenders, to keep competition alive.
If Finance Brokers were not in business, competition and choice in the commercial property loan industry would decline. Bank power and the risk of higher interest rates would increase, leaving Australian’s to pay the price.
Once we’ve established which loan suits your needs, we’ll get to work on your application, complete all the paperwork and submit it to the bank on your behalf. Our aim is to save you time and stress. We’ll get things moving as quickly as possible so you can settle into your new commercial property, or prepare it for new tenants.
Commercial Property Loan Reviews
We don’t just set you up with a commercial property loan and then forget about you. Some lenders require annual reviews on commercial property loans. The lender may ask you to provide a profit and loss, balance sheet and cash flow forecast. We can assist you with this process and make sure your loan is still working for you.
Luke was fantastic. He handled my complicated loan structure like and absolute pro, always answered his phone when I called, and in general made the process very smooth for a first time home buyer.
Luke had great attention to detail and was excellent in explaining our choices so that we could easily assess our finance options. Luke’s communication was clear and precise and he kept us informed throughout the whole process. We will absolutely be recommending Luke’s services to family & friends.
Hi Luke, Thank you so much for your patience and expertise. Without your help we weren’t likely to have gained approval to allow us to achieve our property goals. We’ll be sure to recommend you to all of our friends and family.
My husband & I are ecstatic with what Luke was able to achieve for us in a 4 & 1/2 day timeframe. We needed a pre-approval for an Auction on the Saturday. After having the run around around from another Broker for 2 weeks I called Luke on the Monday lunch time. Luke asked that I send everything through and he would have an answer to let us know if it was a ‘deal’ by 5pm that day. Luke called me at 3pm with an indicative response as he saw no issues to proceed with an application for finance. He was at our house 5:30pm that evening. Our circumstances were a “little outside of the box”. He spoke with us in regards to the lender he was looking at, to the detail of the product that would best suit us, repayments and explained the steps going forward. Luke had our application submitted the following day, our pre-approval followed on Thursday afternoon. We were successful at Auction on Saturday!!!
This is my 10th home I have purchased and the first time I have used a Broker and I was very impressed with the knowledge that Luke had. There was not one question he could not answer and he got us a better interest rate than the bank I have dealt with for the past 15 years. My bank would not give us the money to buy our latest home, but with the help of Luke he made this happen for us. I have already recommended him to a friend of mine and I would not hesitate in recommending Luke to anyone who was in the position of buying a home.
We have found Luke to be very accommodating to our needs in finding and setting up the right loan structures for us now and for the future, as well as helping us to understand the whole process. We would highly recommend Luke and loan right to anyone looking at purchasing a house or land.
Luke, just wanted to say thank you for everything you have done for me regarding the refinance of my existing property and purchase of my new property. It has been a pleasure dealing with someone with so much personal experience in property investment. Everything went so smoothly and I am extremely happy. Once again, thank you. I will not hesitate in recommending you to any of my friends when they are seeking finance.
Miracle Worker! When I first approached Luke for his services, I presented him with a pretty unrealistic situation where I had put an offer on land and had a very minimal deposit and limited time to arrange finance. With no hesitation what so ever, Luke immediately began helping us providing us with multiple finance options to work with. Luke was the first broker I had spoken to that I 100% understood when explaining how finance works! Although we did have a few hiccups with the banks during our process, Luke never presented an issue to me without a possible solution, he was willing to go over and above all expectation to help us through it and kept me informed every step of the way! Luke has helped us turn our dream into a reality in building our first home and I couldn’t thank him enough! I would have no hesitation what so ever in recommending him to anyone and look forward to working with him again in future!
Luke was very helpful on explaining all the processes buying a house here, always got back to us straight away with any questions and made buying our first house here in Australia very easy. A very friendly and approachable person.
Kelli worked with me to develop a plan of what I needed to do in order to apply for a mortgage. We stayed in regular contact as I achieved each milestone reviewing things along the way. It was great having a plan to work to, being in regular contact motivated me to reach each milestone. The application process was easy too – Kelli told me what I needed to provide and she did the rest. And best of all the whole process was done online and over the phone. Both Kelli and Luke were always available to answer any questions along the way. I felt really informed.
Commercial Property Loan FAQ's
Most Australian lenders require you to have a minimum deposit of 5% – 10% of the purchase price, plus enough savings to cover your purchasing costs (eg. stamp duty and conveyancing).
There are so many different loan products, some with lower introductory rates, so we really need to talk to you to understand your needs, before we can quote your repayments. Talk to us today to see what’s currently on offer from our lending partners. We’ll work with you to find a loan set-up that’s right for you.
Most lenders offer flexible repayment options to suit your pay cycle. We recommend that you aim for weekly or fortnightly repayments (as opposed to monthly). In doing so you will make more payments in a year, which will shave dollars and time off your loan.
There are a number of fees and costs involved when buying a home, or any property. To help avoid any surprises, the list below sets out the most common costs:
- Stamp duty — This is the big one. All other costs are relatively small by comparison. Stamp duty rates vary between state and territory governments and also depend on the value of the property you buy. You may also have to pay stamp duty on the mortgage itself. Ask your Loanright Mortgage Broker to estimate your possible stamp duty charge.
- Legal/conveyancing fees — Generally around $1,000 – $1500, these fees cover all the legal requirements around your property purchase, including title searches.
- Building inspection — This should be carried out by a qualified expert, such as a structural engineer, before you purchase the property. Your Contract of Sale should be subject to the building inspection, so if there are any structural problems you have the option to withdraw from the purchase without any significant financial penalties. A building inspection and report can cost up to $1,000, depending on the size of the property. Your conveyancer will usually arrange this inspection, and you will usually pay for it as part of their total invoice at settlement (in addition to the conveyancing fees).
- Pest inspection — Also to be carried out before purchase to ensure the property is free of problems, such as white ants. Your Contract of Sale should be subject to the pest inspection, so if any unwanted crawlies are found you may have the option to withdraw from the purchase without any significant financial penalties. Allow up to $500 depending on the size of the property. Your real estate agent or conveyancer may arrange this inspection, and you will usually pay for it as part of their total invoice at settlement (in addition to the conveyancing fees).
- Lender costs — Most lenders charge establishment fees to help cover the costs of their own valuation as well as administration fees. We will let you know what your lender charges but allow about $600 to $800.
- Moving costs — Don’t forget to factor in the cost of a removalist if you plan on using one.
- Mortgage Insurance costs — If you borrow more than 80% of the purchase price of the property, you’ll also need to pay Lender Mortgage Insurance. You may also consider whether to take out Mortgage Protection Insurance. If you buy a strata title, regular strata fees are payable.
- Ongoing costs — You will need to include council and water rates along with regular loan repayments. It is important to also consider building insurance and contents insurance. Your lender will probably require a minimum sum insured for the building to cover the loan.