All,
I understand there is a loan which the lenders offer, but I don’t if there is a special name which it’s referred too. The loan type is one which lends the balance of the purchase cost after the deposit plus the renovation costs.e.g.
Purchase price = $200,000.00
Deposit (say 90%) = $20,000.00
Renovation cost (estimate) = $45,000.00
Loan = $180,000.00 + $45,000.00 totalling $225,000.00, it is this final figure which I’m looking to borrow and research further with a name reference. Or would the lender classified this loan just as a normal loan at 112.5% of the purchase price?Also, are there lenders out there who can defer the initial monthly loan repayments until the renovations have been completed, or delay the first payment until six months after purchase?
Hope this make sense?
Cheers
GeoffBFairy Land Mortgage Saver
nah, just joking – mate…we may need some more info – what you want to do based on the above is pretty ambitious….but..do you have other equity? more CASH? pm me if u like.
cheers
brahms
Purveyor of Fine Finances
aka Mortgage Broker BrisbaneAs brahms mentions we may need a little more information to advise you further.
You will not get a lender advance you more than the purchase price / valuation of the property if their is not additional security being offered.
Lenders also will want you to put your money in first and then be happy to reimburse you on a works done basis.
In saying all of this tell us more.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
You must be logged in to reply to this topic. If you don't have an account, you can register here.
