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I have a property that I want to knock down and rebuild.Will a bank lend on the properties completion value,especially if its going to worth a lot more?
Is this called a construction loan or something?
Not normally in the residential sphere but yes certainly in Development terms.
Issue with knocking down a single dwelling is that the Bank will probably only lend against the land value which maybe less than the initial purchase price.
Richard Taylor | Australia's leading private lender
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