Me and my brother are looking to build a 4x2 on a block we bought a few years ago in High Wycombe (WA). The block is subdividable 890sqm R25 but we have not subdivided it yet. We have 4 joint loans with Westpac all setup by our broker and she has suggested we take one of our loans and a new construction loan to P&N bank since they are the "ONLY lender in the market that will lend against the end figure so it is an attractive bank to deal with when developing."
Is P&N the only bank that lends against end value or is there another way around this? I need 320k for loan for construction and renovate existing front house. Westpac will only lend $220k which is 80%LVR for all properties. Cannot get LMI since we are X-Coll (but we are working on unravelling it)
Thanks
Is P&N the only bank that lends against end value or is there another way around this? I need 320k for loan for construction and renovate existing front house. Westpac will only lend $220k which is 80%LVR for all properties. Cannot get LMI since we are X-Coll (but we are working on unravelling it)
Thanks