Hi
Can anyone offer information on how construction finance works for building units please?
I have heard you can borrow 60% of the construction costs (which I assume means you need 40% of the construction cost in equity or cash??)
Can you still get compound interest (to pay no interest until the end of project) or do you need to service it monthly?
Alternatively, I'm also very interested to know how the construction finance works if you presell the units. Would this mean you can borrow 100% of the construction costs if you have sold the units off the plan?
I appreciate any help!
Regards
Can anyone offer information on how construction finance works for building units please?
I have heard you can borrow 60% of the construction costs (which I assume means you need 40% of the construction cost in equity or cash??)
Can you still get compound interest (to pay no interest until the end of project) or do you need to service it monthly?
Alternatively, I'm also very interested to know how the construction finance works if you presell the units. Would this mean you can borrow 100% of the construction costs if you have sold the units off the plan?
I appreciate any help!
Regards