Forum Replies Created
Hi Terry,
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 have said that banks are unlikely to fund such a transaction because the dwellings cannot be independently built however technically this is not the case.
Bayland finances about 600 of these types of deals every year so hopefully you will be able to assist in the matter.
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 deal I can send some business your way.
Hi Terry,
I would be looking to purchase using a company, what would the requirements be to qualify and what lvr could you do? Also what rate of interest could I expect?
Hi Richard,
Can you give me a rough indication of the rates I could expect to pay and the required lvr? as well as the term?
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
