Does anyone know of any financier (bank or non bank) that would offer low or no doc commercial loans for units developments?? Thanks.
Yes subject to the post code there are few non retail lender that offer such a product.
Same old story though if you havent got pre-sales you are going to pay a higher rate of interest.
Richard Taylor | Australia's leading private lender
Hi Misty1,
when your talking Constructions and Developments, they usually don't require financials. the lenders usually go on the strength of the deal. If the LVR at the construction stage is 80% or under and you capitalise interest repayments you wont need to provide financials.
Also if the bank sees you stand to make a profit upon completion according to the valuation and depending on the strength of the deal you might get away with no pre sales. again its a case by case basis.
regards,
We lend if your in Melbourne and the location seems ok to us
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