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banks lend for developemnet (ha ha in itself) on the basis that you must be obtaining a 100% return on equity - so you are asking this builder to stump up the money from wherever, whilst carrying the building risk, to return less than he could get by gettign another builder to do a devy for him...

I wouldnt say his $70k is risk free... many builders go broke thru margin erosion, under quoting etc. I would think that your proposal doesnt carry enough reward for risk, or more to the point reward for cash. you are asking ofr a decent wedge of cash here.