Small to medium business owners can receive approved lending for a greater loan to value ratio of up to 100% of the property against the asset value with a new product that is on the market.
One lender is offering an extended loan to value ratio product for small to medium enterprise owners. The product is available for loans from $20,000 to $1,000,000 with a current variable business loan interest rate of 6.64%.
The product is available for secured loans up to 80% against the asset value of a commercial property and 100% for a residential property. The product offers fast tracked approval process with interest only (maximum 5 years) or principal and interest options available.
The applicant will be required to submit a business lending application form, personal statement of position, the most recent quarterly BAS statement (no older than 4 months), borrower income declaration and a few other documents, which we can discuss with you.
If you are interested in applying for this product, please speak to one of our mortgage brokers to arrange a meeting and discuss the eligibility criteria.