All Topics / Finance / Construction Loan

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  • Profile photo of JETTJETT
    Member
    @jett
    Join Date: 2005
    Post Count: 31
    October 13, 2006 - 3:25 am

    Hi,

    Could someone tell me.

    Does the bank that holds the mortgage on the land have tobe the bank I use to obtain the contruction loan from?

    Thanks

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    October 13, 2006 - 4:24 am

    Hi there

    The simple answer is YES.

    Whilst lenders do take 2nd mortgages i am unaware of any that will take a 2nd mortgage durting construction.

    Cheers

    Richard Taylor
    Residential & Commercial Finance Broker.
    Licensed Financial Planner.
    Ph: 07 3720 1888
    [email protected]

    Richard Taylor | Australia's leading private lender

    Profile photo of JETTJETT
    Member
    @jett
    Join Date: 2005
    Post Count: 31
    October 13, 2006 - 4:43 am

    Thanks
    Richard

Viewing 3 posts - 1 through 3 (of 3 total)

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