What is a commercial loan?
A commercial mortgage is a mortgage loan secured by commercial property, such as an office building, shopping centre, industrial warehouse or apartment complex. The proceeds from a commercial mortgage are typically used to acquire, refinance or redevelop commercial property. Also a commercial loan is a debt-based funding arrangement that a business can set up with a financial institution. The proceeds of commercial loans may be used to fund large capital expenditures and/or operations that a business may otherwise be unable to afford.
Short term Commercial loan
Short term commercial loans are no longer than a 12 month period or as short as one month.
Settlements can occur within 3 – 5 Days.
Intermediate term commercial loan
Intermediate term commercial loans usually have a term to maturity of 1 – 3 years.
Settlements can occur within 3 – 5 Days.
Prime Finance commercial loan product guides
1. Loans up to 1.5 million dollars
2. LVR up to 80% of as is value (terms and conditions apply)
3. Commercial loan rate is 1% per month
4. Loan term is 1 month to 3 years
Prime Finance acceptable commercial loan securities
· Residential properties in metropolitan areas
· Rural / Residential properties (population over 50,000)
· Commercial properties
· Industrial properties
· Vacant Land (in metropolitan areas only, LVR up to 75%)
Development sites (subject to terms and conditions)
100 points of ID Requirements for Prime Finance Application
| Document Type | Point Value |
|---|---|
| Birth Certificate | 70 |
| Current Passport | 70 |
| Citizenship Certificate | 70 |
| Drivers Licence | 40 |
| Australian Student Photo ID Card issued by a tertiary education institution. | 40 |
| Pension or concession card | 40 |
| Name and address confirmed by current employer (within last 2 years) | 35 |
| Public Utilities record ( 1 only) | 25 |
| Medicare Card | 25 |
| Financial Institution passbook, debit or credit card (1 only) | 25 |
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