Construction loan for owner builder

[esdarch]

Hi everyone,

As my understanding, bank do not lend to owner builder and a typical application will require quotation/ contract from registered builders.

There is an exemption to registered architect who can build/manage the project for themselves without builder involvement.

Has anyone experienced with the construction loan for owner builder who is an architect?

Ta.

 

[Peter_Tersteeg]

There are plenty of lenders who can accommodate owner builders, but getting the finance is certainly harder. For starters, most lenders that do this will fund up to 60% of the proposed costs (although a couple go to 80%).

Needless to say, the lenders want a larger margin for cost overruns.

 

[Qlds007]

O/B Finance shouldn't be a problem although the list of paperwork requirements might be a little longer than most.