One for the brokers out there;
Over the last few months I have been looking at areas that are ripe for redeveloping, ie buy a house on a big block, bowl it over and build 3 units.
I had always thought that if you keep the number of units to three, then you do not have to go commercial as far as loans are concerned. Now someone has told me that you can only build 2 otherwise you need to go commercial.
Is this just certain banks or is it prettty much accross the board.
I'm just not that keen to jump through hoops for the bank in regards to financing this development.
Boods
Over the last few months I have been looking at areas that are ripe for redeveloping, ie buy a house on a big block, bowl it over and build 3 units.
I had always thought that if you keep the number of units to three, then you do not have to go commercial as far as loans are concerned. Now someone has told me that you can only build 2 otherwise you need to go commercial.
Is this just certain banks or is it prettty much accross the board.
I'm just not that keen to jump through hoops for the bank in regards to financing this development.
Boods