balmain + commercial + big deals + march 2009
Owner Occupied Industrial
March 09
| purpose | To assist with the purchase of an owner occupied industrial property in a major regional Queensland location |
| loan limit | $885,000 |
| lvr | 75% |
| loan term | 25 Years (Interest only for the first 5 years) |
| facility type | Serviceability demonstrated through income declaration and verification of income & business trading statements |
| interest rate | 7.20% p.a. 1 year fixed rate |
| establishment fee | 1.00% of loan amount |
Our client was seeking finance to purchase an owner occupied industrial property in South East Queensland.
We were able to assist the purchaser who required 75% LVR after they were turned away by their existing bank and two of the other majors.
We were able to provide them with a formal approval from one of our institutional partners within 5 working days subject only to valuation. The borrower did not have up to date financial statements but was able to demonstrate serviceability through business trading statements and an income declaration.
Due to the previous applications being declined by the borrowers existing bank and other major banks, the borrower had already obtained one extension of settlement. The quick approval arranged by Balmain enabled the borrower to meet the settlement date and avoided the forfeiture their 10% deposit.
balmain + commercial + big deals + march 2009
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