Hi All,
hope some of the experienced developers or brokers may be able to help me out.
In summary - I have just completed one development - I own three houses worth $1.52m. My current LOC mortage is $1.3m. My costs were $900k so I have a redraw available of $410k. I have no income, being unemployed. Would earn $120k pa if employed. Wife earns 65k but is on mat leave.
Here is what I want to finance
Site 300k
Building cost 1.7m
infrastrucure charges $135k
holding costs 146k
Would make a profit in normal developers range (25-30%) and be cash flow neutral (positive after depr).
I would hold all the units, not sell (if it all goes to plan!)
Have I got any hope at all? I personally don't think so, so. . . Could I do a development exactly half this size (which is another site i'm looking at).
Crucial question is if I can't do it - how much cash would I need to be able to do it? I have someone with cash who may invest, but I'd prefer to go it alone if possible.
I don't have a broker so if anyone could help I would happily give you the business.
Cheers,
BringOnTheBoom
hope some of the experienced developers or brokers may be able to help me out.
In summary - I have just completed one development - I own three houses worth $1.52m. My current LOC mortage is $1.3m. My costs were $900k so I have a redraw available of $410k. I have no income, being unemployed. Would earn $120k pa if employed. Wife earns 65k but is on mat leave.
Here is what I want to finance
Site 300k
Building cost 1.7m
infrastrucure charges $135k
holding costs 146k
Would make a profit in normal developers range (25-30%) and be cash flow neutral (positive after depr).
I would hold all the units, not sell (if it all goes to plan!)
Have I got any hope at all? I personally don't think so, so. . . Could I do a development exactly half this size (which is another site i'm looking at).
Crucial question is if I can't do it - how much cash would I need to be able to do it? I have someone with cash who may invest, but I'd prefer to go it alone if possible.
I don't have a broker so if anyone could help I would happily give you the business.
Cheers,
BringOnTheBoom