Good evening all,
I have personal connections with the following:
– Architect,
– Town planner,
– Developer,
– Mech, Elec, Fire, Hydraulics & Structural Engineers,
– Accountant,
– Mechanical contractors,
But don't have a site or finance to get a project off the ground. How can I encourage/convince potential owner/occupiers or investors to put forward cash deposits so as to leverage a mortgage from a bank and develop a site? I have resources at hand but no finance to start.
I'm sure this is a hurdle for any investor trying to get going.
i look forward to seeing some feedback.
thanks
In the current climate without additional security you have no chance whatsoever.
We get approached on a daily basis to consider Mez financing from experienced developers and wouldn't consider doing a deal at less than circa 18% per annum.
Without a track record or security no investor worth his salt would want to take a second mortgage.
That and you wont find a Bank lender consider a deal without any cash input from you.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
you dont have a site but you are looking at a project? what sort of project…? I am in a similar situation, though I have a site and designs (approved by council but no DA issued), and once I can get a DA approved the property will double in value, so keen to hear how you progress with this….
Thanks for the feedback guys. I thought as much, but it had be thrown out there. I'll just have to start small and work up from there. I will however, be looking to buy an investment and principle residence next year.
Richard, did you get my email a few months ago when we first connected on this site? About catching a coffee if you get down to Sydney?
Diisco44, I would be looking to find a property to demolish or a clear site and build two new properties in it's place.
ok cheers…..
Hi Cubster
Sorry can't say i did (although in saying that i do get 60-70 finance emails a day so apologies if one slipped thru the cracks).
Been down in Sydney a lot this year doing investor presentations but not sure i will be down before my Winter holiday in Europe.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
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