All Topics / Finance / Construction Loan & Strata

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  • Profile photo of TonyGTonyG
    Participant
    @tonyg79
    Join Date: 2015
    Post Count: 10
    June 22, 2017 - 5:14 pm

    Hi All, Question re sourcing finance for a redevelopment.

    My property is 3 units on one title (since been demolished).

    Some banks have told me that they can’t give me a construction loan due to 3 units on one title but it would be a different matter if the units were strata.

    I had a quick discussion with my planner + she advised that my strata application would be exempt development so a relatively straight forward tick the checklist + approve process by local council.

    Im wondering if I strata my units now pre construction then would banks be more willing to lend me finance to redevelop?

    Thanks in advance.

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    June 22, 2017 - 7:05 pm

    Hi Ozboy

    Yes if you can strata the property now your finance options will increase however in saying that 3 units on a single title with a view to strata post completion is still very doable.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

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

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