All Topics / Finance / Development Finance – advice on good commercial broker/lender

Viewing 7 posts - 1 through 7 (of 7 total)
  • Profile photo of Kev TKev T
    Member
    @kev-t
    Join Date: 2010
    Post Count: 4
    January 3, 2011 - 5:27 am

    Hi all,

    can anyone give a recommendation on a decent broker or lender for commercial finance?

    I'm maxed out with my personal lender on my PPOR which is currently undergoing an advanced reno plus subdiv and build of second unit.

    I have another property that I want to go ahead with a 3 unit development but if I have to wait for the first project to settle this next development will not start for another 12 months.

    I'm looking for a lender for construction who will consider deferring or capitalising the interest, so I can go ahead sooner.

    Any suggestions?  Or any good or bad experiences?

    Cheers!

    Profile photo of Alistair PerryAlistair Perry
    Participant
    @aperry
    Join Date: 2004
    Post Count: 891
    January 3, 2011 - 11:24 am

    Hi Kevin,

    If you post up a summary of the numbers for the the thgree unti development, i'd be happy to give you some advice. If you have a decent margin in the project then capitalising interest is not a big issue, it actually makes construction projects easier to fund as it removes servicing from the equation. Otherwise email me at [email protected] and i'll answer your questions privately.

    Regards
    Alistair

    Profile photo of Kev TKev T
    Member
    @kev-t
    Join Date: 2010
    Post Count: 4
    January 3, 2011 - 9:29 pm

    Thanks Alistair,

    I'll email you.

    Cheers,

    Kev

    PS: for anyone else, I should have said that the development is in Melbourne, although I'd be happy to deal with further distant brokers if it is easy enough to correspond by distance.

    Profile photo of Alistair PerryAlistair Perry
    Participant
    @aperry
    Join Date: 2004
    Post Count: 891
    January 3, 2011 - 11:01 pm

    Hi Kev,

    It's good its in Melbourne, you have a number of good non bank options for financing it. I'll respond in detauil to your email, but basically you will be able to get 70% of end value (inclusive of GST) if you presell one unit, 60% with no presales. Banks will offer you 80% of costs exclusive of GST as a maximum.

    Regards
    Alistair

    Profile photo of Marty McDonaldMarty McDonald
    Participant
    @marty-mcdonald
    Join Date: 2010
    Post Count: 64
    January 3, 2011 - 11:03 pm

    Hi Kev,

    I have a few developement lender contacts also. No presales required and capped interest for the right deal. Happy to have a look at it for you as well. Please include GST in all costs and realisation figures for me thanxs.

    Link to my development finance page.
    http://mortgageexpertsonline.com.au/development_finance/development-finance.htm

    Cheers,

    Marty McDonald | Mortgage Experts
    http://mortgageexpertsonline.com.au/
    Phone Me

    Profile photo of MauriceSMauriceS
    Member
    @maurices
    Join Date: 2010
    Post Count: 40
    January 9, 2011 - 9:13 am

    Hi Kev

    I can definitely recommend that you speak to Alistair or Cameron from Perry Finance. 

    Regards Maurice

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    January 10, 2011 - 5:12 pm

    Yes I agree with Maurice.

    Alistair knows his stuff and is good to deal with.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

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