80% lend on off-the-plan conversion project ?

Hi all,

I am looking to buy a non-residential building on a block of land with 2b zoning in an East Coast country town. The building has easy conversion potential to residential. The buildings on either side are residential.

I have enough cash for either the property deposit or the ‘renovation’ (conversion) to residential, but not both. Cashflow isn’t a problem.

My preference is to finance the purchase as well as the renovation costs.

Can I get an 80% lend on the forecast market value after the renovation ?

If so, what’s the easiest way of going about it ? I assume I would need to get some plans drawn up, get a fixed price renovation quote from a licensed builder , present to a valuer for an off-the-plan valuation and send the valuation to a mortgage broker… does this sound right ?

Many thanks in advance for your responses !
Daniel.