When all goes wrong…..

I have a industrial development in a booming town in NSW that I have not been able to refinance from the construction loan and repay the lender. Hense the property has been repossessed.

I am now looking at selling for firesale price just to try and beat the bank after deaing with a few different r/e agents.

I have a brand new fantastic property with the current tenant wanting to take over the whole site which the bank wont authorize even though it will double the rental income. The soicitor advises there is not much I can do legally about this.

I thought the hardest thing would be to conceve the development, haggle with council, project manage, create equity and finally tenant. I didn't expect to lose the lot and possibly my home to the bank in accruing legals and charges.

If anyone has advice on how to sell quickly whilst acheiving a realistic sale price, or going through legal action with the bank and making it through to the other side in one piece I would be grateful to hear about it.

I don't however regret developing this site. I learnt an incredible amount and am proud of what I achieved.