It aims to help business owners looking to buy their business premises through SMSF
Non-bank lender Firstmac has launched a new commercial SMSF property loan which is geared towards business owners who are looking to buy their business premises through their SMSF.
Firstmac chief commercial officer Marie Mortimer said that the loan was meant for the underserviced business sector that has been left unprioritized by larger banks.
“We understand that many business owners want the security of owning their business premises instead of being at the mercy of a landlord. Our new commercial SMSF loan aims to make that as easy as possible, with far less of the complexity and red tape that often deters would-be SMSF investors, and the lowest fees on the market,” said Mortimer.
The loan, which follows Firstmac’s residential SMSF loan, will provide similar features such as a competitive interest rate along with a streamlined lending process. It will be available for both purchasers and refinancers for sums up to $2 million and an 80% maximum loan-to-value ratio.
It also features variable and fixed-rate options, which starts at a competitive variable rate of 7.69% for 70% LVR, which can increase to 7.99% for 80% LVR. The fees include a valuation fee which is a rate lock fee of $350 and a SMSF review or trust fees of $490, only if they are applicable.
Apart from rates, which are lower than what is usually charged by other lenders, it also has an in-house process where Firstmac internally manages all of the legal components and ensures end-to-end control as well as providing the borrower with a checklist.
The application process for the loan includes only a few required supporting documents and goes through a quick approval process like the other loans offered by Firstmac.
