All Topics / Help Needed! / Help needed with finance for buying block of units in Sydney :)

Viewing 2 posts - 1 through 2 (of 2 total)
  • Profile photo of eterniteternit
    Member
    @eternit
    Join Date: 2007
    Post Count: 26
    August 12, 2007 - 8:48 am

    Hi,

    I currently have two IP. One in Sydney and other in Brisbane.

    My total loan amount on it is $515000 and my total LVR is 80% according to the market value.

    Now I am wanting to buy a block of units in Sydney and then refurbish them one by one. The block is around $1.2M.
     
    Anyone got any ideas how I can get funding for this sort of venture?

    Thanks.

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    August 12, 2007 - 9:36 am

    Dependant on the number of units in the block will determine the LVR available.

    An 80% can be achieved on block of 4 or more but you will need to finance the 20% plus refurb costs unless you can use a GR loan but you will need to access equity in you rother IP's

    Obviously the higher the LVR the higher the rate of interest. 

    Richard Taylor | Australia's leading private lender

Viewing 2 posts - 1 through 2 (of 2 total)

You must be logged in to reply to this topic. If you don't have an account, you can register here.