Looking to purchase a mechanic workshop?
Mortgage Providers can find the most competitive loan for you!
What can I borrow?
- Where you are buying a mechanical workshop you can usually borrow up to 80% of the value of the workshop, however where most lenders allow you to add a guarantor or a residential security so you can borrow up to 100% of the value of the property you are purchasing.
- You can get a loan up to 25 years.
- Loans are usually limited to a maximum of $10 million dollars, with higher amounts considered on individual basis.
- You may be able to get a low doc loan if you don’t have the required financials.
Am I eligible?
- You will need to show least 2 years managerial experience within the industry
- You will need to have a detailed business plan showing how you plan to run a successful mechanical workshop; with the plan showing your forecast for cash-flow, why you chose the location and information on competitor
- You will also need to show that the business has a strong financial position, and there is good incomes to support the borrowings you are seeking
What do I need to give the banks?
- You will need to provide income documents for yourself and the business
- You will need a detailed business plan as stated above
- You will need evidence regarding your current asset position
What security can I offer?
- Registered mortgage on a property
- A fixed and floating charge or bill of sale over the assets held by the business
- A guarantee provided by the directors
- A deed of consent provided by the lessor to the bank