Hi all'
I have a block that i wish to build 5 units on. All plans and permits are approved and i am ready to go but have one small catch!
I can access finance from a lender at around 75% of the project cost. But it is funding the difference between the bank and our own private funds that is the issue.
has anyone had any experience in this area? We have another 2 IP's but they have LVR's of 90% so a second mortgage is not going to work. Therefore i think my only option is to look for private funding – but unsure of where to start – any ideas?
I understand that i will have to pay a much higher interest rate which is ok as the project will handle it. If anyone has tackled this problem themselves i would love any thoughts on how i can get this accross the line.
Thanks for your time.
Tom
Hi Tom,
If you are chasing private funding I would start by talking to your broker. They often have private funding sources available to them.
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