G'Day Investors,
Anybody knows a commercial lender who is willing to lend 70% of GRV?
I got stuck in mid 2009 because lenders limited their offers to 65% of GRV.
I need a construction loan to finance development of 6 villas residential complex in Coffs Harbour.
Project GRV: $ 1,540,000
Loan Amount: $ 1,070,000
GRV%: 69.5%
I own a vacant block with DA approved for 6 residential villas, five 2-bedroom ones and one 3-bedroom. Construction Certificate is ready to be released, construction may commence almost immediately provided funds are secured. I’ve got Fixed Price Quote from reputable Hotondo builder who is ready to commence building works.
I need construction loan with capitalised interest for 12 months, based on 69.5% of GRV. My business plan is based on renting all villas out once the construction has been completed. Rental demand in Coffs Harbour is very strong, making the whole development project profitable from day 1.
Any ideas how to arrange missing 80k are highly appreciated.
If anybody has spare funds of 80k and may lend it for 12 months, I’m willing to pay back 20% more. I can offer 2nd mortgage over my development site as a security.
Regards,
Anthony Pozerski
mob: 0400 782 700
At the lvr you are talking about have you included contingencies and interest cap?
Are you prepared to get presales ?
Is it your first or have you done this before?
It will be too small for a property specialist with a Major bank however there are plenty of investors that will take a punt on the 80-90k.
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