Hoping someone will be able to point me in the right direction. I have a block that i purchased as a family trust along with 2 other family trusts ( mates of mine, purchased as a partnership) which we have subdivided into 4 blocks and have building plans approved. We have been tryiing to sell as house and land package which no success yet so we are looking to abtain finance for costruction of the 4 units.
We paid cash for the block initially and estimate the finished products will be conservatively worth 1.66Mil. We are hoping to borrow the 670K to build AS WELL AS capitalise the 6-12 months interest we will accrue to completion. If serviceability is viable, and equity position is ok, are there loan structures out there that will allow us to do this . We realise the lending market atm is tough but we feel our equity postion and serviceability should hold up…If you paid cash for the block, it will be relatively easy to get finance for the contruction. If you want interest cap then there will be no servicing requirement. You can use any of the major banks and a large number of others lenders to do a deal like this.
Regards
AlistairAs Alistair has mentioned assuming everything else is ok then no reason why you cant finance 100% of coonstruction plus capitalised interested with a few lenders.
Only difference is going to be the interest rate, application costs etc.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
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