Mechanical Workshop Loan

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.
Mechanic man repair a tire 1126886132 2245x1341

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