Hi people, i need some help regarding my development site that i have purchased the site is d/a approved for 44units.
I have got the site with no finance it's owned outright in the sydney area. i want to start building it, regarding getting a building loan which is the bank has the best deal and also…how much $ do i have to contribute to the building cost? can any bank give me 100% funding since i have it all paid out the block of land? thanks
That's pretty impressive. What due diligence have you done ie construction costs, sale prices, exit strategy.
Yes it is possible would all depend on your own Asset & Liability Statement, your income, number of pre-sales you have and the actual numbers based on the project etc etc
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Yes It could be possible especially with all the equity you have in the land.
I might be ably to help you. Shoot me an email at [email protected]
Cheers
Dean
Hi Investorarm
Gutsy. If it's Finance you need, then I suggest you get with the mortgage/finance brokers on this Forum who have thousands of posts to their credit accumulated by being here and providing help for forumites like us for a long time.Also sounds like you need a lot of other experts too.
Good luck with the project.
Cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Investorarm,
What is the status of your project? Do you have CC? Have you marketed to start selling off the plan? Is it viable to be building right now? When does the DA run out?
We have access to funds whom will allow you to borrow the building costs with no presales but you will need the following:
- Good exit strategy
- Good builder
- GMP in place
- Good project managers
You must understand most aussie banks will now require 110% presales of the full debt coverage and are only lending to experienced developers.
Investorarm wrote:Hi people, i need some help regarding my development site that i have purchased the site is d/a approved for 44units.I have got the site with no finance it's owned outright in the sydney area. i want to start building it, regarding getting a building loan which is the bank has the best deal and also…how much $ do i have to contribute to the building cost? can any bank give me 100% funding since i have it all paid out the block of land? thanks
The maximum you will be able to borrow is 80% of costs excl GST (Include land value in this calculation). You should be able to get a GST overdraft also from most lenders.
If you haven't completed a project like this previously you will have to involve somebody who has, at least as a project manager but probably somebody with equity in the project. If you are in this position my recomendation would be do use a builder who will put equity into the project.
Regards
AlistairI was a commercial lending manger for NAB, we did it up to 70% (including land value in calculation)
Drop me a pm if you require assistance with getting presales to assist with your finance.
Qlds007 wrote:Yes it is possible would all depend on your own Asset & Liability Statement, your income, number of pre-sales you have and the actual numbers based on the project etc etcCheers
Yours in Finance
Speak to Richard, he is very experienced in this department.
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