Is this Deal possible?
Current Property Value - $670,000 (DA for 3 Units)
Mortgage - $565000
Draw Equity based on current market value (LVR 95%) = 670,000 *.95 - 565,000 = $71500 (Less LMI) = approx $70,000
Later borrow 80% of $600,000 from Bank for construction of 2 Units without paying...