Properly calculating the cost that will be involved in purchasing a property is important to ensure that there will actually be enough funds available to fully complete the transaction on settlement day.
Finance brokers are able to help customers with a wide range of financial products and services and as many lenders renumerate finance brokers the services offerd by finance brokers usually cost borrowers no more than dealing with a bank or lender directly.
Finance brokers can help customers with many options including;
The full deposit is usually required sometime following the initial payment of a smaller holding deposit when purchasing property. This larger deposit is usually payable at the time contacts for sale are exchanged. This deposit is most commonly 10 percent of the purchase price although at times a lower percentage may be negotiated such as 5 percent instead of the usual 10 percent deposit.
Commercial Property finance is usually viewed differently from residential property finance by banks and lenders. Often the loan to value ratio that is allowed is less than residential property finance and the actual interest rates and set up costs can be higher.
Presently commercial property lenders available through Ability Finance are offering up to 85 percent loan to value ratio for full documentation loans and up to 75 percent loan to value ration for low documentation commercial property loans.
Finance brokers usually have a range of banks and lenders available and this range of available lenders is often referred to as the brokers panel of lenders. Some finance brokers have a limited range of lenders while other brokers have a wide range of banks and other specialty lenders on their panel.
An individual finance broker consultant almost always must be personally accredited with each and every bank and lender on the finance broker companies panel of lenders before the individual is authorised to submit loan applications to a specific bank or lender for a customer.