Land purchase

Viewing 6 posts - 1 through 6 (of 6 total)

Developerme
Participant
@tinpotdeveloper
Join Date: 2017
Post Count: 11
June 4, 2018 - 1:36 pm
Hello I have a deposit on 1016m2 block of residential land in North Coast NSW. The site costs $179K and may be developed into 2 lots. Seeking partner to fund 90% of purchase. Need funding for 2 years min and will pay attractive interest
Developerme
Participant
@tinpotdeveloper
Join Date: 2017
Post Count: 11
June 1, 2021 - 3:27 pm
Hi were you interested in a JV proposal at all?
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
June 2, 2021 - 12:04 pm
Hi Tinpot
So to clarify you have the costs to acquire the site (stamp duty etc) and cover the subdivision costs but require 90% of the purchase price ?
What other security are you offering i.e 2RM on your own property etc.
Cheers

Yours in Finance
Richard Taylor | Australia's leading private lender
Developerme
Participant
@tinpotdeveloper
Join Date: 2017
Post Count: 11
June 2, 2021 - 12:50 pm
Hi Richard
I am now purchasing a site at NSW 2447. The purchase price is $122K and I need 80% ie $96k. I have the funds for costs for DA. I would need to be able to top up the loan for the construction of the two houses on the site which would be subdivided into two torrens titled lots.
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
June 2, 2021 - 12:55 pm
Hi TPD
Ok noted and understood. Not sure you will find any JV partner to come on board with that little skin in the game.
We do a lot of JV deals as investors but far too skinny for us.
Good luck. I am assuming there are reasons why you dont do the deal yourself with development style funding.
Cheers

Yours in Finance
Richard Taylor | Australia's leading private lender
Colin Rice
Participant
@fms
Join Date: 2011
Post Count: 338
June 8, 2021 - 9:07 pm
Developerme wrote:
Hi Richard I am now purchasing a site at NSW 2447. The purchase price is $122K and I need 80% ie $96k. I have the funds for costs for DA. I would need to be able to top up the loan for the construction of the two houses on the site which would be subdivided into two torrens titled lots.
Do you not qualify for a bank loan?
What you are offering is light on as Richard stated and no one will accept those conditions. If you came with an unencumbered piece of land and wanted to construct would be far more realistic, at least you are trying though.
Colin Rice | CDR Finance
http://cdrfinance.com.au/
Email Me | Phone Me
Perth Based Mortgage Broker - Investment Property Finance Specialist | E: [email protected]