Personal Project: Bayswater WA mini-apartments

[mrdobalina]

Quick Update:

Finance has been approved with a fairly quick turn around of 10 days. I've been advised to stick with a lender who will do residential construction for up to 4 units. Stayed away from costly commercial lending and dont need any pre sales.

Is that Bankwest? I've been told by my broker they are the only ones doing resi loans for 4 unit developments.

 

[Colin Rice]

Is that Bankwest? I've been told by my broker they are the only ones doing resi loans for 4 unit developments.

Yep, Bankwest and Heritage.

Bankwest is to 80% LVR.

 

[westminster]

Yep, Bankwest and Heritage.

Bankwest is to 80% LVR.

Yup I have a 4 dwelling with Heritage under Resi.

 

[westminster]

Hi Kent,
Any updates on this? Do you have a design concept?

 

[Blair007]

Hey kent, also keen to hear how things are progressing.

Cheers

 

[MTR]

Is that Bankwest? I've been told by my broker they are the only ones doing resi loans for 4 unit developments.

RAMS as well under resi, lo doc, accountant to sign off on income.... noice

 

[DexV2]

2x1 or 2x2 apartments around UWA would fetch very good rental return. Provided you have the money to do so of course!

 

[Joe D]

2x1 or 2x2 apartments around UWA would fetch very good rental return. Provided you have the money to do so of course!

How do you figure that? Existing 2x1 or 2x2 properties in the vicinity of UWA have a pretty lousy return unless you consider sub 5% a good return?

 

[DexV2]

sub 5% is definitely not a good return, might as well put it in the bank! I haven't done much research into that area so maybe you could correct me. But I figured that $500/wk for 10 apartments assuming that your cost was $3.5m? Rental would preferably to uni staff and 2nd to students.

 

[MTR]

Hi Kent
I just realised that the block has a 5 mtre drop from front to back, did not see the figures in the feaso or perhaps you have included it somewhere?
My Spearwood had 1.5-2 mtre drop from front to back, very costly, just curious on costings of this, that is a big drop.

All the best, I like Bayswater very much

Cheers
MTR

 

[mrdobalina]

RAMS as well under resi, lo doc, accountant to sign off on income.... noice

Hi MTR, what are the rates like with rams lo doc?