Hi everyone I am new to the forum and very new to property development. I have just purchasd land with a residence on it. It has DA approval for 7 apartments. Being new to this : what would my next point of contact be, the architect hasn't actually done coatings or building drawings
any advise would be greatly appreciated. I am in brisbane if that helps!
The response your question is lengthy and complex. It is one of those things where you need to have the conversation over the phone rather than "Typing".
Here is a quick summary:
1. Refer to the points on the DA and the expiration of the DA. This will tell you how easy, difficult, cheap or expensive it will be to ascertain the CC
2. Do a feasibility study to determine if the numbers stack up. This will include costs outside of the construction such as contribution costs, GST, etc
3. From a finance perspective you wold be looking at a commercial loan rather than a residential loan so you need to understand LVRs, deposit amounts, etc
Where is the property located?
TheFinanceShop | Elite Property Finance
http://www.elitepropertyfinance.com
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If the site is DA Approved, did you receive the Drawings submitted for the DA? To take on a 7 apartment development as your first venture is a big step, and I would recommend that you talk to as many QUALIFIED/EXPERIENCED people about moving forward.
As mentioned earlier, the funding on the Development will be Commercial, so be prepared to put up a considerable amount of cash/equity to get funding.
Regards Grant
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