When getting finance for a reno will banks lend on the end value of the renovation?
Some banks will let you go up to 95% + LMI of the current value. I don't know of any that will lend on the end value of a reno.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Wouldn’t it be similar to that of a development though being what the project will be worth on completion?
With a development it would be easier to place an end value on the project – I doubt this is the case with renos.
I could be wrong.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi Jamie
No you are not wrong it cant be done on a residential deal.
Funding is based on a cost basis only.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
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