Lenders Wanted

VIC, $300K, Owner occupied, Refinance, Low-doc, 60% LVR

Posted on 14/05/2014 3:25:03 PM

These are long term clients - husband & wife partnership - registered builders with a satisfactory history in conducting their previous ANZ loan. They sold their previous home and purchased a larger block (1000m2) using the cash/equity from the sale. They have now completed a new home up to "Frame Stage' on the block in Rye / St Andrews Beach (postcode 3941), but need approximately $300,000 to complete the build. The land alone is worth $500,000 so I am looking for a lender that will provide the additional funding to complete the construction. Plans, permits etc as required are all in place. Bricks are about to be delivered. Can anyone provide this funding based on the land value only?

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  • Stephen Rasmussen19/05/2014 5:13:12 PM

    Try St George.
    I have a similar client situation at the moment (albeit under a contracted build) and they are prepared to lend against OnComp value.


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