It’s easy to think about refinancing your home when the interest rates are low, but it’s also beneficial to review the mortgage on your commercial property as well, regardless if it’s a warehouse, office, shop or any other commercial property.
Don’t get too excited though, because refinancing commercial loans generally comes at a higher cost, so it’s important to weight up all the upfront costs to determine whether refinancing your commercial loan is going to save you money in the long run.
Some good reasons to refinance your commercial loan may be:
- Your interest rate may be too high and therefore wanting to refinance your commercial loan into cheaper and more advanced loan product
- You may want to purchase another property and therefore access equity from your commercial property to use as deposit and costs.
- You may want some extra funds to purchase plant, equipment or renovation
- You may have other business loans that you want to consolidate, enabling you to better manage your finances.
The team at Alliance Credit can provide a detailed costing schedule; along with a borrowing capacity to help determine whether refinancing is the best option for you.