Bridging Finance

Hey everyone,

I was wondering if anyone in here would be able to help me at all.  I bought a property outside Gympie last year for $298k and have since put in an application to subdivide the land that the house is on into three so that I can build an additional 2 houses.  The newly created blocks will be worth $130k a piece and the newly built houses should be worth $300k and $320k respectively.

I went to see the council about the progress of my application at the begining of  January and they told me that they were on the verge of writing the approval letter for the sub division when they thought that they had better send the application to Main roads for them to assess as the block is on a road that comes off the main road and it is the closest block to the main road.  The department of main roads has since sent a letter to council telling them that they see no issue with the subdivision and council have said that I should get my decision notice on the 25th of this month.

When I spoke to the surveyor that put the application in on my behalf I misunderstood him and thought that he had said that DMR had sent the letter to council on the 25th so expected to get the letter any day not a month later. 

In the mean time a buyers agent that I had been talking to found a house in Mt Gravatt on LMR zoned land that it should be possible to build 3 town houses on. 

My dilemma is that I do not yet have the equity that the decision notice on the gympie property will give me to be able to finance the property in Mt Gravatt.  I am thus looking for someone who has lazy equity that they would be willing to lend me in the short term to act as Bridging finance. 

If anyone is able to help me or has any suggestions please get hold of me on 0410 179 852. 

Thanks for your help guys.

Regards,

Anthony