All Topics / Finance / What to try next

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  • Profile photo of bellacrestdbellacrestd
    Participant
    @bellacrestd
    Join Date: 2008
    Post Count: 1
    April 29, 2008 - 10:53 am

    Hi,

    At the moment I'm trying to get finance for a subdivision (rural nsw). My mortgage broker is having trouble finding a lender because we have never done a subdivision before. The numbers are good, they go like this
    GVR (Based on valuation) $1320000,
    Total Development Cost (Quantity Surveyor Report)$863898,
    We can contribute $100000,
    Total Finance Require $762898
    LVR 58%

    Just after people's opinion on what they would suggest trying or what they have or would do.

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    April 29, 2008 - 11:44 am

    I think you have half hit the nail on the head when you say

    My mortgage broker is having trouble finding a lender because we have never done a subdivision before.

    The other half probably being that your mortgage broker has never done a GR loan.

    All things being equal and subject to the location of the property then funding the loan should be achievable through a specialist development lender.

    More information would however be needed to provide you with some numbers and costs. 

    Richard Taylor | Australia's leading private lender

Viewing 2 posts - 1 through 2 (of 2 total)

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