There would essentially be two seperate contracts, one for the land purchase and the second for the construction part of the project. The new purchaser would be able to use the land that is on a seperate title for security and settle, then carry on with a standard construction loan until completion.
The brokers I have spoken to already…[Read more]
Thanks for your reply Terry,
Ideally I need these to be purchased as a house and land package as I am not in a position to carry the construction finance myself.
A prospective purchaser has made numerous enquiries with some local brokers who all say it isn’t possible to finance such a deal.
If you feel confident that you could arrange such a…[Read more]
I am in the process of getting plans approved for a duplex development and I was planning on selling each one as a house and land package using split contracts. After speaking with many different brokers today I am led to believe that it is not possible because the two dwellings share a common slab etc.
Then I had a conversation with a…[Read more]
I am wanting to buy,renovate and sell some residential properties with the view to making some additional income. I did this quite successfully a few years ago and would typically have them back on the market within 60 days. At the moment I have about $500,000 cash on hand but my serviceability is almost non-existant due to a failed…[Read more]
Hi David,Thank you very much for your reply!! Would it be possible to set up a number of unit trusts for different projects with each containing 20 investors and still be able to apply the S708 section of the corporations act? Best regards,Charlie
Hi Richard,I've had a chance to view the act and it mentions that it is only a managed fund if greater than 20 people belong to it?In your opinion, how can one legally seek funds from private individuals without having to go through all the the red tape with asic. Your comments would be appreciated.Regards,Charlie