Hi everyone,
I’m looking for advice from anyone who has successfully financed a student accommodation apartment, especially one that is:
- in a letting pool
- around 27 sqm, a small apartment
- I have around 55% LVR
I’ve found that getting lenders to accept these types of properties as security seems quite difficult. I actually had a bank verbally approve the loan at first, even after I clearly confirmed that the property is in a letting pool and only 27 sqm, but later they came back and said they cannot accept it as security.
Has anyone here managed to get finance for a similar student accommodation property?
If so, I’d really appreciate if you could share which lender you used, or if you have any tips on getting finance on these apartments.
Any help would be greatly appreciated. Thanks in advance.