All Topics / The Treasure Chest / Improvements under contract

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  • Profile photo of LeighLeigh
    Member
    @leigh
    Join Date: 2003
    Post Count: 130
    May 5, 2003 - 9:23 am

    Has anyone had experience with banks lending money on improvements done before settlement?

    ie: Purchased $200k property, spent $20k on improvements before settlement (with the right access clauses) and have the property financed for 90% of $220k rather than 90% of $200k.

    Thanks, Leigh

    “All the world’s a stage, and you choose the role you want to play on that stage” William Shakespear

    Profile photo of Steve McKnightSteve McKnight
    Keymaster
    @stevemcknight
    Join Date: 2001
    Post Count: 1,763
    May 5, 2003 - 11:06 pm

    Hi Leigh,

    We did just what you mention here on the basis of telling our financier what we were planning to do and them agreeing before the project commenced.

    We received 80% of the purchase price + 80% of our renovation costs.

    Bye,

    Steve McKnight

    **********
    Remember that success comes from doing things differently.
    **********

    Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
    https://www.propertyinvesting.com

    Success comes from doing things differently

    Profile photo of LeighLeigh
    Member
    @leigh
    Join Date: 2003
    Post Count: 130
    May 6, 2003 - 3:14 am

    Thanks Steve,

    I thought that may be the case [:D]

    “All the world’s a stage, and you choose the role you want to play on that stage” William Shakespear

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