TonyGParticipant@tonyg79Join Date: 2015Post Count: 10
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.Richard TaylorParticipant@qlds007Join Date: 2003Post Count: 12,010
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.
Yours in Finance
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