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Viewing 6 posts - 1 through 6 (of 6 total)
  • Profile photo of TinpotdeveloperTinpotdeveloper
    Participant
    @tinpotdeveloper
    Join Date: 2017
    Post Count: 11

    Hello I have a deposit on 1016m2 block of residential land in North Coast NSW. The site costs $179K and may be developed into 2 lots. Seeking partner to fund 90% of purchase. Need funding for 2 years min and will pay attractive interest

    Profile photo of TinpotdeveloperTinpotdeveloper
    Participant
    @tinpotdeveloper
    Join Date: 2017
    Post Count: 11

    Hi were you interested in a JV proposal at all?

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Hi Tinpot

    So to clarify you have the costs to acquire the site (stamp duty etc) and cover the subdivision costs but require 90% of the purchase price ?

    What other security are you offering i.e 2RM on your own property etc.

    Cheers

     

    Yours in Finance

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
    Email Me

    100% Investment Finance now available on selected properties. Email us for further information.

    Profile photo of TinpotdeveloperTinpotdeveloper
    Participant
    @tinpotdeveloper
    Join Date: 2017
    Post Count: 11

    Hi Richard

    I am now purchasing a site at NSW 2447. The purchase price is $122K and I need 80% ie $96k. I have the funds for costs for DA. I would need to be able to top up the loan for the construction of the two houses on the site which would be subdivided into two torrens titled lots.

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Hi TPD

    Ok noted and understood. Not sure you will find any JV partner to come on board with that little skin in the game.

    We do a lot of JV deals as investors but far too skinny for us.

    Good luck. I am assuming there are reasons why you dont do the deal yourself with development style funding.

    Cheers

     

    Yours in Finance

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
    Email Me

    100% Investment Finance now available on selected properties. Email us for further information.

    Profile photo of Colin RiceColin Rice
    Participant
    @fms
    Join Date: 2011
    Post Count: 338

    Hi Richard I am now purchasing a site at NSW 2447. The purchase price is $122K and I need 80% ie $96k. I have the funds for costs for DA. I would need to be able to top up the loan for the construction of the two houses on the site which would be subdivided into two torrens titled lots.

    Do you not qualify for a bank loan?

    What you are offering is light on as Richard stated and no one will accept those conditions. If you came with an unencumbered piece of land and wanted to construct would be far more realistic, at least you are trying though.

    Colin Rice | CDR Finance
    http://cdrfinance.com.au/
    Email Me | Phone Me

    Perth Based Mortgage Broker - Investment Property Finance Specialist | E: [email protected]

Viewing 6 posts - 1 through 6 (of 6 total)

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