What to try next

Hi,

At the moment I'm trying to get finance for a subdivision (rural nsw). My mortgage broker is having trouble finding a lender because we have never done a subdivision before. The numbers are good, they go like this
GVR (Based on valuation) $1320000,
Total Development Cost (Quantity Surveyor Report)$863898,
We can contribute $100000,
Total Finance Require $762898
LVR 58%

Just after people's opinion on what they would suggest trying or what they have or would do.

I think you have half hit the nail on the head when you say

My mortgage broker is having trouble finding a lender because we have never done a subdivision before.

The other half probably being that your mortgage broker has never done a GR loan.

All things being equal and subject to the location of the property then funding the loan should be achievable through a specialist development lender.

More information would however be needed to provide you with some numbers and costs. 

Cheers

Yours in Finance
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
www.tayloredfinancialsolutions.com.au
richard@tayloredfinancialsolutions.com.au.
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