loan for development site

[eyespy]

my partner and i are looking at getting preapproval for a development site +construction loan.

My partner wants ot go through fastlend.....we've both had success with loans with them before (for non construction loans)

I'm a sole trader with good income and tax returns to show for it, my partner has a company and though generates a good turnover, his personal tax returns show little income. Fastlend have been very good given we've had trouble getting loans in the past.

so any opnions on fastlend for our new development/cosntruction loan ??? or any other good options ?

 

[Qlds007]

How many properties will be on the site?

Have no problems with Fastlend as a lender and in fact do a lot of business with them but development financing is not the bag they are normally into.

Couple of things to bear in mind with Fastlend and developing:

1) They will want evidence up front that the properties will be strata titled on completion. Letter from your Architect, Surveyor or the like will be sufficient.

2) Not going to do more than 4 on a single title.

I am doing a couple of similar development deals with Fastlend for Somersoft forum members at the moment and they have needed to be massaged thru by my BDM.

 

[eyespy]

will be starting out wiht a simple duplex

thanks for help Richard !

 

[Qlds007]

Again it will need to be strata titled on completion.

 

[eyespy]

what do you mean by strata titled when completed ?

does that mean they cannot be sold separately ?

 

[eyespy]

are there some other lenders who don't require strat titleing ?

 

[Qlds007]

No dramas in selling them separately in fact you will have to show they can be as part of the application.

 

[Qlds007]

Yes lots but Fastlend is not one of them.

 

[Aaron_C]

are there some other lenders who don't require strat titleing ?

Yes there are. Ask your broker.

 

[Rolf Latham]

are there some other lenders who don't require strat titleing ?

its more like who are the lenders that DONT do duplex builds on one title.

There are quite a few exceptions and subject to many other things common lenders like CBA, WBC, HSL/NAB, SGB et al are typically a good fit, at normalish LVRs

A structured finance plan would determine what lender worsk best for your goals, rather than what feels best or is the lowest cost

ta
rolf