Resi Commercial Property Loan
About the Resi Commercial Property Loan
The Resi Commercial Property Loan allows investors and business owners to take advantage of purchasing commercial property without some of the usual restrictions other banks apply. Buying a commercial property can mean a business is able to stop paying rent on business premises, while purchasing an asset at the same time. Investors can benefit from the rental yields available on many commercial properties.
Stand-Alone Loan Facility
Resi Home Loans don’t require a Commercial Property Loan to be cross-collateralised with another property. You’re able to set up this loan on a commercial property as a stand-alone facility, with no other security in place. Borrowers are able to borrow up to 70% of the property value.
This offers extra protection for personal assets for business owners. It also means there’s no need to alter or refinance any existing loans you have outstanding with other banks.
The Resi Commercial Loan will remain a separate loan account facility, which makes reporting easier at tax time and makes it easy to keep business loan payments and personal mortgage payments completely separate.
Payments can be set to fortnightly or monthly, to suit your cash flow and turn over.
Longer Loan Term
Many commercial loans are set over a short borrowing period. This increases loan repayments and reduces business cash flow while the loan is being repaid. Resi are willing to extend the loan term up to 20 years. This allows a business to repay their commercial loan off over a longer term, which keeps payments down and doesn’t affect cash flow as heavily.
Redraw Facility
Business owners and investors can sometimes find that cash flow is not as predictable as they would like. For this reason, the Resi Commercial Property Loan does feature a redraw facility.
Any excess payments made into the account that are over and above the normal minimum repayments due can be redrawn if you need that cash back for other purposes.
No Annual Reviews
Many banks impose an annual review on commercial loans. Other banks may insist on regular revaluations of the security property. Yet Resi doesn’t do either of these things, which removes much of the pressure and anxiety throughout the duration of the loan term.
Extra Repayments
Customers are encouraged to make extra repayments into their loan at any time. There is no penalty for making additional payments into a variable rate loan.
Fixed Rate Option
Business owners and investors who wish to protect their commercial property asset against the risk of rising interest rates have the option of fixing some or all of the loan portion at any time.
Rates and Fees
The Resi Commercial Property Loan features a competitive interest rate in comparison to many other commercial loans. The current variable rate is set at 8.85% The application fee is determined on a “per case” basis.
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