Construction finance- help needed!!!

Hi All,

I have recently purchased a triplex site which is financed through Macquarie (lo-doc). We were planning to also do our contruction finance through them.

My broker has just told me that we cannot get lo-doc or no-doc contruction finance unless we have titles first. Normally we dont apply for sub-div approval until the pads are down.

He is telling me that under lo and no doc, mortgage insurer’s wont allow the finance of more than two units unless we can show titles. This isnt a problem under full doc- but we dont have that option.

We dont want the delay of waiting for sub division approval as the builder is all set to go and we can have the pads down the day after the property setttles.

Does any one of the many finance guru’s out there know if this really is the case??….or is there someone who will give us a 70% construction lend without the titles. Our guy is great but not alot of expoerience in this area – so I am hoping he has overlooked something….PLEASE HELP!!!1

thanks
michelle