Commercial Loans
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Applying for a Commercial Loan
Buying a commercial or business premises usually requires a commercial loan facility. These facilities differ from home loans in many ways as does the process of application and the documentation required. Most commercial loans are limited to 20 years.
There are many lenders offering commercial facilities, so it’s a good idea to engage a broker to ensure that you get a competitive deal.
Security
Banks assess the risk of using different types of business and commercial premises as security, so dependent on what type of property you are purchasing will factor in the amount that the lender allow you to borrow based on that security.
Generally, lenders will allow you to borrow around 70% loan to value of the property (LVR). They may allow you to borrow more if you are willing to use other property or assets as security.
Loan Applications
Depending on what you will be using the property for, will determine what type of information a lender will require.
If you are purchasing to use for our own business, then the lender will want to assess how your business has performed over the last couple of years and a business plan going forward.
If you are just investing then the process can be a little easier, the lender will want to see that the premises is rentable or already has a tenant in place.
If you want to find out your options for purchasing a commercial property get in touch.
Get In Touch
We will be there to guide you through the whole process of Commercial Loans.
Get in touch now to book an appointment with Fox Mortgages.
EXCELLENT182 reviews on
Sue Garrood4 April 2024Top Line Professionalisim. The team at Fox Mortgages were faultless from start to finish. This was my first home purchase & Paul took all the time I needed to talk & help me through every stage answering every small question & query. What I thought was going to be the impossible they made possible for me. Could not fault a single step with the whole team. Communication didnt stop when purchase went through either, the follow ups & check ins show they genuinely want to make sure your off to a good start & can go back at any stage for advice at any stage. Great experience, awesome team could not recommend them any higher!!!!Tania P25 March 2024The team at Fox Mortgage Services are the best mortgage brokers ever! Nothing was too much trouble, the process was so easy and they were so wonderful to deal with, even though we weren’t the easiest of clients! Thanks Paul and the team, you are amazing. 🤩Jonathan20 February 2024Great service efficient painless process. Thank you.Jo Larvin20 February 2024Very helpful and friendly, we had some quirks in our application and they were very responsive at helping to resolve and making sure we got our mortgage. We were so impressed, we went back a second time for another property, and will go back for any future purchases.Ben McGee19 February 2024Paul fox review . Great at his job, provided excellent service to me and my brother for are first mortgage. Professional, friendly, smart / well educated in the industry and very good to work with, thank you Paul and everyone at team Fox.Brent Gordie19 February 2024Very helpful from start to finish.all under controlTeri Hayes4 February 2024Had our free appointment with Paul. He was great to deal with and super honest. We came away with a strong understanding of where we are at financially and where to next. Couldn't have been happier with the consultation. We felt Paul was very knowledgeable, not at all pushy and definitely encouraged us to go for the best deal for us regardless of any benefit to himself. All on a Saturday to fit in with our work commitments. Would highly recommend.Melissa Bishop27 January 2024Highly recommend . We were recommended Fox Mortgage Services through a friend. We are so happy with their services. They were professional and patient with us as we refinanced our home. They kept us informed at every stage of the process and made it easy and simple for us. Would highly recommend Paul and his team.Tepora Puha11 January 2024Such an amazing team. I personally have dealt with Naomi and she is amazing. Communication is 2nd to none and then get from Paul, they appreciate and treat everyone well. Thanks you Team Fox. I highy recommend Fox Mortgages and happily let my friends know.
