Will Mortgage House Accept Serviced Apartments as Security for a Mortgage Loan?
The return on investment for Australian serviced apartments continues to stay positive. These are accommodations that provide a kitchenette and a small living area. This accommodation caters to short-term and long-term tenants. When travel is normal, Australia sees an influx of business travelers and tourists. The travelers require a comfortable place to sleep. A serviced apartment requires a less intense lease application process. So, it’s a step between an apartment and a hotel.
Mortgage House does accept serviced apartments as collateral for mortgage loan applications. Our loan specialists and lending team do go through steps to verify the status of the property in conjunction with your application. It’s our duty to come up with the best possible deal for each client based on their financial situation and goals.
Although the outlook for these apartments is positive, location, vacancy rates, and condition factor into our final decision.
These apartments are more cost-effective than several nights at a hotel. They provide a short-term solution for the traveler that wants to feel at home without leasing a home. We anticipate that they’ll have a high occupancy rate with little to no need for major maintenance.
By taking the apartments as collateral, we partner with you on your next real estate venture. This means that we have the flexibility to offer additional products to achieve your goals. A business loan or more favourable interest rates might be made available to you.
Serviced Apartments Conclusion
Mortgage House does work with clients who want to use serviced apartments to secure a mortgage loan. We’ll conduct our due diligence, but we’ll also deliver an answer promptly.