LVR – Build loan

Hi Everyone

I have been told by my finance broker that the bank (i think CBA) will lend me 70% of the end value of a small townhouse development that I am going to do this year.

I am just unsure whether that 70% is 70% of the end value including GST or without GST?  Just to make myself clear, for example what if the units were valued at $110 – would the bank lend me  70% of $100k being the val without GST or 70% of $110 being the sale if sold on the day of completion which includes GST.

I am going to hold the townhouses for a period of time so that when I sell them I will not be selling new stock and therefore the sale will not attract GST. 

This is my first development and money is tight so it will make a bit of a difference.

Thanks in advance,

Ben