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Terms loans are commonly used to buy commercial real estate, or to buy an existing business or franchise.
If you’re familiar with home loans, you’ll understand the principles of how a term loan works. Generally speaking, this type of loan can be used for two purposes – business or property.
Business purposes includes buying a trading business or franchise, a new business start-up or the expansion of an existing business.
The types of commercial real estate purchased encompasses a very broad spectrum. The types of real estate include established, vacant or to be developed land; owner occupied or investment; and zoned from retail, industrial, office, warehouse, factory unit, to specialised property such as aged care facilities, or hotels and taverns.