Financial JV partner sought for residential duplex property development in Southport QLD.
Bank is demanding immediate payment of about $547K to prevent foreclosure.
The duplex was independently valued at $1,010,000 ($505,000 per unit) in April 2007 as is. Both units require further works to be completed as they were vandalised and the builder has refused to do any further work and as a result is currently in legal dispute with the owner. A quotation of $109,000 was obtained by the owner in August 2007 to complete both units. Both units are currently on the one title and a strata title needs to be obtained.
I have indicated to the owner that I will do a JV with them to find a buyer for their units who will do most of the work themselves except for works that need to be done by licensed tradesman. As per the Valuation in April 2007, the units when complete would be worth $550K.
As your JV partner I will look after the details with the owner and find suitable buyers for the units.
In the meantime I have advised the owner on how to ask the bank for further time to pay the loan if they won't budge. If they can get this extension then the next step is to see whether they will accept payment of outstanding interest.
The owner has missed the last 5 loan repayments to my knowledge at this time.I have advised the owner to get a current sworn valuation and 2 new quotes to complete works.
Call Karl on 0403 023 505 only if you are genuinely interested in being a financial partner and can provide the necessary funds at short notice if called upon.
How did you get on?
Bank is currently reviewing their decision to call up the loan after I advised client how to respond to their demand. Client is currently seeking finance through another bank and is waiting for their response.
Cheers Karl.
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