Hi, any mortgage banker can help me on this?

Background
1) Commercial property, should be valued around RM1m
2) Due to special circumstance, I'm buying at RM400k.
3) I would like to obtain maximum loan amount


Spoke to bankers and understand that they are only able to give 85% loan on SPA price, which is RM400k. Then, after few months of good payment record, apply for topup loan (which will be higher interest).

Instead of doing the above, can I just pay cash outright, and then once title is transferred to myself, I go to bank and charge the fully paid property to obtain 85% loan on market value, which is RM1 million?


Any sifu can enlighten?

Thanks for your response.

Are you saying if I pay cash and then do a refinance, I can only get 10 years tenure? If I want 25 years tenure I must use loan to buy upfront but only get 85% of SPA price?

Assume no problem on income and commitment.