Refinance and Cash Out
2 August 2023
Commercial property deposit using residential cash out
A client recently engaged The Brokerage looking to refinance their current loan and obtain cash out from equity to use as a deposit for a commercial property.
Our solution involved finding a major bank which accepted utilising cash out for business purposes, secured by a residential home loan product and property. Not only was Charlie able to do this, but he was also able to obtain formal approval whilst negotiating the use of future income that was to be derived from the client’s new employment role set to begin in a month’s time.
Charlie Badaoui was able to obtain formal approval and have mortgage documents issued to the client for signing within 7 business days, allowing them to finalise negotiations with the vendor of the commercial property.