I know someone who would like to do the above, and was wondering if anyone could offer any advice on where to start.
They are thinking of DIY-ing it, so I guess we need a starting point whether that be a builder, architect, council etc.
Next door is a similar size block with 3 units on it also.
The property is worth approx. 300k, land probably about 200k.
Units are to be retained as an investment.
Would banks see this as a commercial deal, or could it be done like a normal residential loan? What LVR is likely, can land be security until units built?
Thanks in advance for any feedback,
Regards,
Martin
They are thinking of DIY-ing it, so I guess we need a starting point whether that be a builder, architect, council etc.
Next door is a similar size block with 3 units on it also.
The property is worth approx. 300k, land probably about 200k.
Units are to be retained as an investment.
Would banks see this as a commercial deal, or could it be done like a normal residential loan? What LVR is likely, can land be security until units built?
Thanks in advance for any feedback,
Regards,
Martin