Construction Loan -- Which Bank/Lender?

R

ryan_mel

Hi Everyone,

I'm looking for bank or non-bank lender to finance a 4 townhouses construction, the loan is about to last for one year. Wondering which lender can provide the best LVR?

Any suggestions or recommendation would be most appreciated

Ryan
 
R

ryan_mel

more details

Good questions, guys!:)

It's hold by TRUST, and now there is still a house on the block. Just got the town plan permit to build 4 townhouses, but haven't got building permit yet coz I've not decided which builder I'm going to use yet and I'd like to ask my builder to apply for the building permit. So it's under one title now. But if I can lend more from bank/non-bank lender by subdividing it into 4 titles (haven't checked the exact subdividing cost yet), getting 4 titles first before construction might be another good option.

Since I'm seeking lenders, so I'd like to know what's the Maximum LVR I can get when under all conditions FULL DOC/LOW DOC/No Doc.

As for what am I going to do after finish, the current plan is to sell 2 and keep 2.

Thanks for your further sharing/information in advance!

Regards

Ryan
 
R

ryan_mel

Further information

ooops, forgot 3 questions.

1) Again, would like to know the LVR under whichever value is bigger (suppose to be End Value).

2) Postal Code: 3044

3) Construction Period: is about 8 - 12 months

Thanks

Ryan
 
Qlds007

Qlds007

What type of Trust ?

Hate to say i doubt you will get 4 separate titles prior to construction.

Again without knowing any hard data on the deal it is almost impossible to provide you with much assistance but as a guide

Since I'm seeking lenders, so I'd like to know what's the Maximum LVR I can get when under all conditions FULL DOC = 80% of costs LOW DOC = 70% of cost / No Doc - 60%. Again these figures could be miles of but you would need more information to advise further.
 
R

ryan_mel

Any other options?

Thanks, the trust was setup under the suggestion from this forum, it's HDT.

Wondering is it possible to do the LVR against the end value?

Cheers
 
R

ryan_mel

what's the better trust options?

Whaaaaaaaaaaaat? Sounds like a bad luck ......

Then if an investor still needs a trust structure vehicle, what sort of trust do you usually prefer according to your experience?:confused:
 
Qlds007

Qlds007

DFT's work well with Development finance lenders.

Unfortunately many Accountants who advise on structures dont understand the limitations when it comes to availability of finance on certain projects.
 
R

ryan_mel

Thanks! I'm sure units have been issued and attached to my trust deed. Still not sure what's the biggest LVR can I get, and which lender might provide that much LVR?

Cheers

Ryan
 
Terryw

Terryw

If the unit holders are the same as the legal owner you may be able to get away with it - they may not realise it is a hybrid.
 
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