Hey all,
I have a few questions, i am researching and in the very early stages of commencing my first development project. I have a single house in Victoria on 800sqm which is on the front of the block and am looking to build a second house on the rear block next year and hold on to both.
Lets call the front house IP1 and the new home when finished IP2 to make this faster. IP1 currently has a single loan about 90% LVR. I do not have much money in savings and want to use the banks money to pay for as much of IP2 as I can. How do i go about structuring my finances for the development? Any advice is welcome have a nice day.
I have a few questions, i am researching and in the very early stages of commencing my first development project. I have a single house in Victoria on 800sqm which is on the front of the block and am looking to build a second house on the rear block next year and hold on to both.
Lets call the front house IP1 and the new home when finished IP2 to make this faster. IP1 currently has a single loan about 90% LVR. I do not have much money in savings and want to use the banks money to pay for as much of IP2 as I can. How do i go about structuring my finances for the development? Any advice is welcome have a nice day.