Buying Commercial Property? Settle With Urgent Short Term Finance

We can, where the sale goes ahead on the contract date and the numbers fit. We lend against the office property itself, and a receiver appointed over the seller's loan does not change our 70% limit or how our valuers assess the building. Ask your solicitor first what the receiver's appointment means for your contract and whether the settlement date still stands, and ask the receiver's agent for valuer access. Send us the contract and your bank's letter, and we can give you terms within hours so your company is ready for the date.

• →Receivership and administration loans

Up to $1,680,000, which is 70% of $2,400,000, if our valuation comes in at or above the price. That leaves $720,000 of the price to find, so with $500,000 in cash you are about $220,000 short, plus stamp duty and settlement costs. The usual way to close that gap is equity in another property you own, through a second mortgage over it, with total borrowing on that property kept within 70% of its value. Send us the contract and the details of the other property, and we can show you both loans together.

• →Second mortgage finance

No. Our in-house valuers value the building with the lease it has, so eight months remaining is part of the valuation rather than a reason to decline. A short lease can lower the value, and the loan is 70% of that value or the price, whichever is lower. Send the lease and any letters about a renewal with your enquiry. If the tenant renews while our loan is in place, the new lease is what a bank will want to see when you refinance.

Yes. We assess the property and how the loan will be repaid, rather than requiring a set number of trading years. The term is set to cover the rest of your financial year, the time your accountant needs to finalise the statements, and the bank's assessment after that. Tell us when your financial year ends and when your accountant expects the statements, and we will suggest a term with some time spare.

• →$1.9 million for a business to buy its own premises in 5 business days

Yes. We lend across Australia, including outside the capital cities, where the property has a realistic market if it ever had to be sold. Our in-house valuers arrange the inspection, and travel can add time, so send the contract and the leases as soon as you sign. In a smaller town the valuer looks closely at how many buyers there are for that kind of property, which can affect the loan amount. We tell you early if it does.

Call us first. The seller does not have to agree to an extension and may ask for something in return, so it helps to know your alternative before you ask. If we fund the purchase, you settle on the contract date, and the bank's loan can repay ours once its approval is finalised. Ask the bank whether its approval can be used to refinance our loan after settlement, and send us its approval letter with the contract.

• →Urgent short term loans when bank finance falls through

No. Our loans are for business purposes, and a building your company trades from with part of it leased out fits that. Our valuers value the whole building, and the lease to the accounting firm is part of that value. Send the first-floor lease, or the agreed terms if it is not signed yet, with a short summary of your business. A bank refinance later will usually look at both your trading figures and the rent, so keep both up to date.

Rent arrears do not stop us lending on their own. They affect the value of the shop, and our valuers take them into account along with the lease and the tenant's history. The loan is then based on that value or the price, whichever is lower. Ask your solicitor what the contract says about the arrears at settlement, and whether you take on the right to recover them. Send us the lease and the rent ledger with your enquiry.

It can be, where missing the date would cost you more than the interest on a short loan. Our rates start from 9.7% p.a. on a first mortgage, we value in house, and your bank can still refinance our loan once its own valuation is done. Ask your accountant to compare the interest for the months you expect to hold our loan with what you would lose if you could not settle, such as the deposit or the purchase itself. Then call us with the contract and the bank's offer.

We need to learn your scenario further. Our valuers review the strata records and look at how the levy and the defects affect the value and how easily the suite would sell. The loan is then based on that value or the price, whichever is lower. Ask your solicitor whether you or the seller pays the levy under the contract, and send us the strata report with your enquiry.

A refinance with another lender, or the sale of this or another property, are the usual ways. The loan is repaid through the exit agreed before settlement, and if that plan changes, tell us early so we can discuss it. If the first bank declines, a broker can take the signed lease to other banks and non-bank lenders. Talk to us as soon as a decline arrives, not in the last month of the term.

Yes. A vacant property is valued as it is, which usually means a lower value than with a tenant in place, and the loan is based on that. Many buyers use our loan to settle, find a tenant and then refinance to a bank at a higher value.

We need enough to understand the business and how the loan will be repaid, but not the full set of financial statements a bank asks for. The property value and your repayment plan carry most of the weight. Recent BAS statements or management accounts are often enough.

Usually a day or two, because our valuers are in house. Larger or multi-tenant buildings can take longer. Sending the leases and rent roll with your enquiry is the best way to speed it up.

Yes, as long as the total stays within 70% of the property value. GST is payable on some commercial purchases and is refunded later through your BAS, and we can fund it until the refund arrives.

• →Urgent short term finance for GST at settlement

We can fund within days, and on the same day in some cases, depending on your scenario. The lease details and access for our valuer decide most of the timing, so have both ready when you call.

• →$1.2 million second mortgage in 24 hours for a commercial purchase
• →$2.8 million settled within days on a liquidator sale
• →$3.2 million funded in 24 hours

We need to learn your scenario further. Banks decline commercial purchases for policy reasons, such as a short lease, a vacancy or a property type they avoid. We assess the property and your repayment plan instead. Send us the decline letter so we can see what the bank needed.

Yes. Many of the commercial buyers we fund run a business from the property, in retail, professional services, hospitality and other industries. As well as the purchase, we can fund stock, a fit-out, staff and other working capital costs.

• →Retail lending
• →Professional services lending
• →Working capital loans

Yes. We lend on shops, retail strips and mixed-use buildings, including those with apartments above. The whole property is valued together, and the loan is for business purposes only.