Hello Everybody :)
I have been lurking around the forum for a month or so now but decided it was time to make my first post.
I have a 900 m2 site in Eastwood, NSW which currently has an old red brick house on it. I am about to submit a DA to subdivide on Torrens title and construct 2 x 4 bed attached dwellings with DLAG.
As part of the DA process, our quantity surveyor has estimated the construction cost to be around $750,000. I believe the cost is high due to the slope of the land and the high demand for builders.
The land is 100% owned by my grandmother (old age pensioner) and she has instructed me under power of attorney to do this for her. I would prefer to obtain finance with interest fully capitalised which is why I am looking for commercial finance. My understanding is that standard residential construction loans require monthly repayments. She is able to put up around 20% of the total project cost in cash if the financier will lend the rest.
A developer friend of mine suggested Balmain Commercial as a possible financier, but I would like to get some ideas of other sources of finance that meets my needs.
Any ideas?
Commercial Finance Options
I have been lurking around the forum for a month or so now but decided it was time to make my first post.
I have a 900 m2 site in Eastwood, NSW which currently has an old red brick house on it. I am about to submit a DA to subdivide on Torrens title and construct 2 x 4 bed attached dwellings with DLAG.
As part of the DA process, our quantity surveyor has estimated the construction cost to be around $750,000. I believe the cost is high due to the slope of the land and the high demand for builders.
The land is 100% owned by my grandmother (old age pensioner) and she has instructed me under power of attorney to do this for her. I would prefer to obtain finance with interest fully capitalised which is why I am looking for commercial finance. My understanding is that standard residential construction loans require monthly repayments. She is able to put up around 20% of the total project cost in cash if the financier will lend the rest.
A developer friend of mine suggested Balmain Commercial as a possible financier, but I would like to get some ideas of other sources of finance that meets my needs.
Any ideas?
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