My question is: Will banks look at a couple looking to take on a big development, such as a large sub-division consisting of 6 blocks, plus a building on each block?
I have only just come across the land a has what i believe as huge potential. Unfortunately i do not have a huge deposit, and have not had any experience in such a development before.
The other option was to sell off the plan, or build one at a time, and finance the next with the sale of the first?
Anyone with any insight would be fantastic.
Thanks in advance…
Dale
Dake
If you are referring to the standard big banks then the answer is no however the specialist commercial development lenders would consider any application.
In saying this you are still going to need a decent deposit and the ability to service even where they lend on the GR of the end value and capitalise interest.
Richard Taylor | Australia's leading private lender
hmmm thanks qlds007… Sounds a lot harder than first thought…
I do know people who have "contacts" re prop dev, I might jsut settle for something a little easier for my first?
Thanks for the help.
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