Refinance of Construction Loan

[KZ7]

Currently building a duplex which is at practical completion stage. It does not have council approval or clear title (it is to be split into 2 lots) and needs say $20k to complete. I already have one contract on one and a valuation from a major valuer supporting market price.

The bank is reluctant to refinance it now and have placed a much lower value on it (effectively cost) despite contracts and valuations.

Is there a lender someone knows who would take up the property as a completed one and lend against that? It is held in a DT and would need to be a Low Doc.

Thanks

 

[Qlds007]

Where in Qld is it ?

You maybe better of with a Lodoc secured personal loan.
Sure the interest rate will be higher but funds would be available in 3-4 days and would save you the costs of refinancing.

Shoot me an email and i can come back to you.

 

[letiha]

I'm assuming you have building approval already, just not approval for a duplex.

 

[KZ7]

Letiha - yes BA's are done and approval to split as part of BA. Issue is that need to have council certificates etc as most MI's will still regard it as an unfinished project.

 

[Rolf Latham]

Hiya

id agree with Richard

Get a credit card or whatever.............I failed place a couple of these at anything less than stellar rates and costs and many lenders simply wont touch them, especially considering the short term nature of the loan.

ta
rolf

 

[Mamaof3]

Richard just curious who offers LoDoc Personal Loans? Thats something new i've learnt which may come in handy one day as i didn't think you could get personal loans on a LoDoc basis??

 

[Qlds007]

Kim

We do for one through our own lending company.

Did 2 loans this week alone for forumites here in Brissie.