They won't do it...it is not within their policy. So don't even bother. You will have to find another lender who will do it....and they do exist! Not big 4 though.
Triplex Finance
- Thread starter belleran
- Start date
They won't do it...it is not within their policy. So don't even bother. You will have to find another lender who will do it....and they do exist! Not big 4 though.
Thanks for the heads up Aaron. I will have to source some other establishments that will entertain the proposal.
Just thought I'd pop in and add my 2 cents worth.
I wanted a bank who would do 4 on one title (strata after build) and at residential rates. The answer in the end was Heritage Bank.
Their rates are excellent and we are a Family Trust too. We have had to provide a lot of paperwork but all good.
I'm using equity in my last project to buy land and then construction loan for the building. Going for fixed interest of 3yrs for the land and variable for the construction loan.
And panicking everytime I realise how big the loan will be
I wanted a bank who would do 4 on one title (strata after build) and at residential rates. The answer in the end was Heritage Bank.
Their rates are excellent and we are a Family Trust too. We have had to provide a lot of paperwork but all good.
I'm using equity in my last project to buy land and then construction loan for the building. Going for fixed interest of 3yrs for the land and variable for the construction loan.
And panicking everytime I realise how big the loan will be
Hi Westminster,
Congratulations on obtaining your finance!!
I would be interested to know if you spoke to many other banks, if so were they quite in depth or only short lived due to them not entertaining your request?
Are you aware of how many dwellings can be built on residential terms with Heritage?
I am looking at funding part of the next project with existing equity and the remainder using savings. Current focus is 3 villas, partly due to the lending restrictions around anymore than three.
Congratulations on obtaining your finance!!
I would be interested to know if you spoke to many other banks, if so were they quite in depth or only short lived due to them not entertaining your request?
Are you aware of how many dwellings can be built on residential terms with Heritage?
I am looking at funding part of the next project with existing equity and the remainder using savings. Current focus is 3 villas, partly due to the lending restrictions around anymore than three.
Max under residential terms is usually 4.
Not quite congratulations yet. We are on conditional approval until we can provide a kidney/DNA/firstborn child and some titles
Hopefully we'll get through the final hoop tomorrow.4 was the maximum at residential rates with Heritage. Most other banks it was 3. I have a 1200sqm block which is R30 and so I can just make 4 as I need 300sqm each.
Good luck then We have a firstborn that you may like to use as collateral. She is mostly OK but occasionally slips into a teenage dirt bag coma....
We have a firstborn that you may like to use as collateral. She is mostly OK but occasionally slips into a teenage dirt bag coma....Good luck then
Thanks for the offer of your firstborn
I have a DS13 which we can offer to the Bank Gods if required - or they can choose from a DS6 and a DD4. I'll let them pick lol!Aaron can you give me some more information on this? My broker chose them because basically the list of banks who would look at 4 was tiny and their rates were good.
PM me if you don't want to answer here.
Thanks
My broker has suggested Homeside or Adelaide Bank for resi triplex funding. Do you see any problems with these or should I be looking elsewhere? I think these were suggested on the basis of having a good rate. Until the construction period os over we would have the loan secured by our PPOR and then transfer so that the triplex is secured against itself. We not interested in going the LMI route.
Had triplex resi finance through Homeloans. During construction rate is 6.16%. After construction reverts back to 6.06%. I asked them back them was not necesary to get the titles for all three first or can I get it under 1 title and they said it didn't matter as long as the numbers stacks up.
hmmmmmmmmmmm
sounds simple, but refi of a triplex may not seem as simple as it might.
I would look at trying to fund the build from day ono, on the land and build.
If you can currently fund the thing outright from your PPOR, then LMI would not be needed anyways.
ABL wont do the deal direct, you would need to do that through a wholesaler / mortgage manager.
Additional options may be Choicelend, Heritage.
rate might want to be your least concern here, there arent many that will do 3 on one title builds.
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rolf
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rolf
What about RAMS?
I know they are owned by Westpac but I have done a lot of 3 and 4 on one Construction valuations for them.
I know they are owned by Westpac but I have done a lot of 3 and 4 on one Construction valuations for them.
