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  • Profile photo of Richard TaylorRichard Taylor
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    June 15, 2014 - 2:57 pm

    Hi Tom

    No makes no difference at all.

    TD is Term Deposit.

    Cheers

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    June 14, 2014 - 8:12 pm

    Hi Science

    That post was from some years ago after the API interview i did.

    Subsequently we have developed a number of properties away from Brisbane.

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    June 14, 2014 - 8:02 pm

    That also goes for any of the initial buying costs such as Transfer Stamp Duty and Legal costs.

    Cheers

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    June 14, 2014 - 8:00 pm

    Whilst education might be useful without a combination of equity/cash and income you have no chance in financing a decent sized development.

    We get inundated each and every week with enquiries from forum clients who want to finance development deals and whilst we do a fair amount many clients don’t like the rate of interest / fees you quote them or the conditions placed upon the deal.

    Property development helped me amass my property portfolio but we had a good equity position and income to enable us to give up work and develop full time.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    June 14, 2014 - 7:53 pm

    If you have cash to put down and were thinking of going to an 80% lvr then why wouldn’t you go 100% lend with a TD collateral.

    Certainly the easiest way of accessing future growth in the property without the additional costs of LMI.

    At 95% the LMI costs start to become rather expensive and only deductible at the highest rate you pay Tax.

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    June 14, 2014 - 7:47 pm

    St George go to 85% and a couple of other lenders go to 90% lvr so not that difficult to finance.

    CBA would be one I would steer clear of for Company Title financing because of a couple of other issues.

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    June 13, 2014 - 9:25 am

    My business partner is based in Melbourne so let us know if we can help.

    Have a look at our website and you will see which one of us is the better looking.

    Cheers

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    June 9, 2014 - 9:39 pm

    A low rate when you are in default on a contract will do little for you.

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    June 9, 2014 - 8:29 pm

    Yes something about us pommies.

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    June 9, 2014 - 8:27 pm

    Yes and No depending on the property as has been set out.

    Might not like the answer but SIS will dictate what you can and cannot do.

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    June 9, 2014 - 8:25 pm

    The answer is fairly simple you document the Tenants on the purchase contract.

    You give the Seller the option with your consent to sign a separate Tenancy with the Granny Flat and if they choose not to you insist that this vacant on settlement.

    This way you can let to whoever you like.

    Legally document everything and you can’t go too far wrong.

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    June 9, 2014 - 8:16 pm

    Had one from a forum member only last week where as a result of a soil test the land purchase price was reduced.

    We had the lender re-approve the loan in an hour and had revised loan documents out the same day.

    Certainly wouldn’t be leaving it until the last minute as you could be the one in default.

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    June 9, 2014 - 8:13 pm

    Did your friend tell the Broker he was applying for a house & land package.

    Either way i can’t see the Broker can be to blame if the construction price has not come it at value.

    Could merely be an overpriced build and someone trying to make a few extra dollars at your friends expense.

    Another problem with Off the plan H & L properties.

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    June 9, 2014 - 11:36 am

    Even an unethical broker is required by law to disclose any commission he is receiving.

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    June 8, 2014 - 10:10 pm

    We employ an agent directly to source such deals for us Ramki.

    I bought all of my blocks this way.

    Cheers

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    June 5, 2014 - 11:12 pm

    Each town will have Agents that specialise in this type of property.

    Cheers

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    June 5, 2014 - 11:06 pm

    Hi Jon

    Purchase price or valuation whichever is the lower is the rule of thumb.

    Just make sure you advise your lender now as otherwise you might get to settlement and the transfer document will show the lower and the Bank will not settle.

    Cheers

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    June 5, 2014 - 10:53 pm

    Benny

    A lender would want a full fixed price contract, DA/BA, full plans and specifications and probably a QS report to provide to their valuer to undertake the valuation on the property.

    Unless you have considerable development experience, several pre-sales or you can show that you can service the peak debt a standard Banking lender won’t touch it.

    Also remember that GR loans are based on net GST value.

    Cheers

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    June 5, 2014 - 12:27 am

    Couple of other financing considerations

    1) End value is course net of GST so that may have am impact on your borrowing amount.

    2) Even private lenders will want you to put your cash in first and they will come in afterwards.

    3) When you demolish the house you will only have land value. I am assuming your valuation is based on land value and not current market value of the property with the house on the land.

    Few others but it is late at night.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    June 4, 2014 - 12:21 am

    There are a couple of co-op’s who might look at it or someone like Breeze finance but in the main I think it is going to be too tricky,

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

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