Commercial Lending Update
Great News for More Competition in Commercial Lending Markets
New lenders to our Panel over the past 6 months are Pepper Commercial & Private Funder Oak Capital, for details on these funders contact your Vow BDM.
We recently launched our first Private Lender to our Commercial Lending panel being Oak Capital, Managing Director Stephen Mitchell outlined the fund is currently at $150 million with plenty of capital available for short term funding on transactions that fall outside traditional lending channels.
Our brokers have the comfort of knowing this is a company that can deliver upon their loan approvals once in place, his contact details are Ph 0400 080 590 to discuss these loan scenarios.
Our other addition the Commercial Lending panel is Pepper Commercial headed up by Malcolm Withers formerly (St George Commercial), they are very keen for new business up to $5million for property-based securities that fall slightly outside the 4 major banks normal criteria.
Mal can be contacted on Ph 0455 291 958 and is always happy to discuss new deals.
Risks Associated with Borrowing Private Funds for Your Clients
Over the past two weeks, I have come across 3 different deals from our brokers where they sourced funding for clients. Only for their clients to pay an establishment fee after a letter of offer is issued, to then find out the company cannot fund the deal and retain the paid up "fee".
Unfortunately, most of these groups set up under a name "Capital" with a website that appears legitimate, but at the end of the day have no intention of ever funding these loans just make a quick dollar up front with no regulatory body currently controlling them.
I am aware of two different firms, one in NSW and one in QLD. If you have any doubt contact me on firstname.lastname@example.org or on 0424377572 first for guidance prior to handing over any fees on your client's behalf.
Caught On Camera - Mortgage Broker
SMSF lending Remains Alive at Thinktank
SMSF lending (LRBAs) remain alive and well at Thinktank who offer solutions for both residential and commercial SMSF property loans. Funds are used for property purchases and refinances of LRBA's be it residential, commercial or related party loans if correctly documented.
TT will consider unique purchase arrangements that involve in specie transactions for Business Real Property matters and often see alternate borrowing structures such as Tenants in Common and Unit Trusts.
SMSF lending is still an active market for brokers to consider with Commercial LVRs at 75% and Residential SMSF at 80%.
Thinktank provide secured loans for the purchase of property, refinance and equity release usually supported by a commercial or residential freehold asset. Some specialised assets are also considered as security such as boarding houses with LVRs up to 75%
With loan terms up to 30 years and a full relationship service, Thinktank is there to assist brokers regardless of their commercial lending experience. Products range from Full Doc to Quick doc supported by alternate income verification options.
Extended LVRs are available for certain commercial loans, GST facilities for commercial property loans and SMSFs, and self-certification home loans designed for the SME homebuyer.
To find out more - please contact your local Thinktank Relationship Manager
Kat Gasparovic Relationship Manager QLD
07 3117 3787
Paul Burns- Senior Relationship Manager NSW /ACT
M: 0434 609 241
Joel Harrison- Snr Relationship Manager VIC/ TAS
M: 0410 861 540
Tony Zaccari- Snr Relationship Manager SA
M: 0403 758 514
Adam Hutcheson- State Sales Executive WA
M: 0434 609 239
Head of Commercial & Equipment Finance