Hi all,
Im in a bit of a confusing situation. I began constructing a 4 bedroom duplex in Sydney a few months ago in a bid to rent one out and move into the other. The loan was obtained from the National Australia Bank and at the time I was told that i’d be given a total of 300k to construct.
I was then told by the banker that it was ok to demolish. So I did and when money time came, the banker stated that the approval department is only giving me $150k to I fought this for a while however a small individual like myself got nowhere.
So I decided to use what I had and try to get as much done in the hope of my lender providing me with the extra funding after seeing the project was been built. Months past and no extra funds were offered and so my funding had ran out.
Employment wise I am self employed and have a growing small computer wholesale business for 2.5 years now with a turnover now of about $41k.
<edited – Derek>
Ive seen a few lo-doc and no-doc places but they dont like anything that resembles a construction even though its 60% complete and their loan is practically given back on settlement. Ive ask relatives but so far no luck.
The last thing I would want to to tell my fiancée of 4 years that our marital house and all of what we had worked to achieve will be gone. [glum2]
I thankyou for listening and hope somebody out there can help or offer me a few suggestions or even call me to talk about a solution ill deeply appreciate it.
Thankyou again,
Bernard Y.
Mobile: 0433 413 297Hi Bernard,
Sounds like you may need a low doc construction loan. Should be straight forward providing you can service the loan.Try these following lending institutions, they have a low Doc construction product, in no apparent order,
Adelaide Bank, ANZ, Bank west, Commonwealth Bank, Stgeorge, Macquarie Bank, Westpac.
Good luck, CheersSteven
Mortgage BrokerPhone: 0402483216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Originally posted by Mobile Mortgage:Try these following lending institutions, they have a low Doc construction product, in no apparent order,
Adelaide Bank, ANZ, Bank west, Commonwealth Bank, Stgeorge, Macquarie Bank, Westpac.Or – even better – ring one of the brokers who frequent this forum and get them to do the leg work[biggrin]
Derek
[email protected]Property investment advice and researched property in quality locations available.
bernstar,
how did you start with $300k and end up with $150k?? you mentioned loan but then things went hazy
was this in writing or some worthless verbal <edited>e??
i find it difficult to see how you can afford this in the first place with a ‘turnover’ of $41k – unless you have substantial other income which you’ve omitted.
on a turnover of $41k how do you even afford to live in Sydney let alone consider doing a development!!
banks don’t decline because your small – height discrimination has been stamped out completely ever since that strangely haunting episode of ‘The Goodies’ went to air – c.1976
banks decline because you can’t afford to borrow, or other non personal reasons.
at this point i don’t know of a low doc lender willing to take on low doc, low income and a commenced construction – maybe some of the other brokers who frequent have more flexible lenders on their panels – those previously listed will not assist.
cheers
brahms
CALL NOW…adults only (boys and girls ask mummy or dad first) ~~ 1900 hot broker ~~Brahms,
What about the income from Bernard’s financee,“The last thing I would want to to tell my fiancée of 4 years that our marital house and all of what we had worked to achieve will be goneâ€
Cheers
Steven
Mortgage BrokerPhone: 0402483216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
thats ok Steven, read paragraph cut and paste from my original post
“i find it difficult to see how you can afford this in the first place with a ‘turnover’ of $41k – unless you have substantial other income which you’ve omitted.”
maybe the original post refers to ‘turnover’ when they meant net profit after significant directors fees etc etc. THEN the math would work…
cheers
brahms
CALL NOW…adults only (boys and girls ask mummy or dad first) ~~ 1900 hot broker ~~No problem Brahms,
Below is a snippet from my original reply to Bernard, Obviously my suggestions were based on this proviso.“Sounds like you may need a low doc construction loan. Should be straight forward providing you can service the loan.â€
BTW, I had you down for a goodies fan. Monty Python and possibly the Goons also.[biggrin]
Cheers
Steven
Mortgage BrokerPhone: 0402483216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
“BTW, I had you down for a goodies fan. Monty Python and possibly the Goons also.”
he he – i remember the goodies, but i must admit a more than passing admiration for the ‘razor sharp’ of kath and kim!!
cheers
brahms
CALL NOW…adults only (boys and girls ask mummy or dad first) ~~ 1900 hot broker ~~
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