This is our first project like this how ever the builder is very experienced and almost exclusively builds this type of project. building contract is fixed price. The other properties will be cash neutral after refinancing. We've been told by real estate that pre selling is not an option in our area so we're looking for an option that won't require that, Mattnz could you point me in the direction of these 2nd Tier lenders?
300K comes from refinancing the other properties, (whole portfolio worth about 1,000,000 if that's relevant). I've read about people getting loans for 70% of the realizable value of a property without pre-sales, is that a possibility or a fairy tale?
for working out LVR do you use realisable value or current value? We're buying the land for 249,000 if that helps. Whats the practical difference between residential and commercial. We'd look at any option to keep the ball rolling, we currently have a 3 month option on the block and builder ready to start as soon as we can sort finance.
