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Abdul

2 years ago

Hi Paul. I have a private lender for you that just had a client in the same situation as you and had received his funds in 2 weeks. They also accept the valuation as As If complete which is a big bonus. We are Melbourne based. If this interest you please feel free to contact us and I will discuss further.

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LEZLI

2 years ago

hi, I have lenders who will take up 'finishing your construction' with very quick responses. so please feel free to contact me - as i do have a couple who would help for sure. thank you

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Eric

2 years ago

Hi Paul, I could arrange a private lending easily for your enquiry. Please let me know if you cannot have a loan with banks? Thanks.

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Ken

2 years ago

Hi, Paul, there are few, if any, major lenders who will fund a partially completed project. A major issue will be the value ascribed to the work completed to date, usually, based on normal lenders' instructions a valuer will determine the cost to complete the building works, rather than the actual cost of work completed. There a few non-bank lenders that may be interested in assisting you to complete the project. If you would like any assistance structuring the scenario for the valuer please contact me.

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Marcus

2 years ago

Hi Paul, only way this type of scenario (from my experience) would work with 1st/2nd tier bank is if you can demonstrate strong income and provide additional securities. I assume this is not the case if you already haven't been successful with current and other lenders you've tried. Then only way would be to try specialist/private lenders for the funding to complete and later refinance.

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Allan

2 years ago

Hi Paul, another option may be to borrow against the land value if you have sufficient equity. I have a lender that will do this, even if you have commenced construction and would mean that you would avoid a lender taking control of your project in regards to the release of funds. I service the Western suburbs as I have a significant part of my client base in that area. Feel free to contact me via my HashChing profile.

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Ryan

2 years ago

Hi Paul, your situation would be more acceptable under a commercial loan arrangement. I would advise to source an experienced commercial broker in Victoria. I am in WA, so would be a last resort. Good luck.

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gregory

2 years ago

I understand the problem. I have done a few of these and can help you. please contact should you wish to advance

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LEE

2 years ago

Definitely a specialist space here Paul. Make sure that whomever you choose has done these before. Marios and I have both assisted clients with these scenarios and our office is in North Melbourne. Good luck!

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Stuart

2 years ago

Paul It is not an easy task to get a lender to commit to funding a project which is already partially completed. As a builder by occupation, you are not a typical "owner builder" and a lender will be more cautious. Did you complete a building contract between your company and yourself which specified the work to be completed and the build cost? The lender will need to know in detail the costs associated with the completion of the building work and potentially what has already been expended. A lender may consider your proposal if the property can be completed with the required loan amount is less than 80% of the property value on completion. If you are looking to retain the property upon completion you will need to demonstrate the ability to service the loan, plus all your other financial commitments. If you cannot demonstrate the ability to service the loan then the lenders will not fund the remaining build. If you could not demonstrate the ability to service the loan then you would need to have the property sold (an exchanged contract) for a lender to consider your proposal. I hope that helps

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Emma

2 years ago

Hi Paul, as with the other responses we could do with having a little more information. Great that you have rental appraisals however we need to get over the hurdle of you having started the build. We have an extensive relationship with bank, non-bank and private lenders who I would be happy to discuss your scenario with. Get in touch on my page and we can chat more. Regards

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Andrew

2 years ago

Hi Paul, please clarify if you are an owner builder or an actual registered builder whose main source of income is as a builder as there is s considerable difference on how lenders would view your application. Partially completed construction are difficult to lend against though there are lenders who could assist if at lock-up. Though I am in Perth, I can assist. Please view my profile for my contact details.

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Anthony

2 years ago

Hi Paul, It would be good to understand more about your situation. Like what is the plans after the project is completed and how much lending do you need vs. what the current and land value is? Some lenders will lend based on the value of the land which is quite conservative but should give you sufficient funds to complete the project given you have funded everything yourself so far (assuming there is no lending on the land). Regards, Anthony Hong

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Marios

2 years ago

Hi Paul Is it less than 3 dwellings? There are funders that will do this even though you have already started but there are a number of factors to determine the cheapest and easiest way to execute. 1. How many are you building? 2. How is the property titled? Company name, individual names etc? 3. Are the title holders the same as the name on the existing mortgage? 4. Is there an existing mortgage? 5. Is your building license in the same name as the title holder? etc etc I really wish there was a straight forward reply i could give you....but then you wouldnt be having issues. Please feel free to contact me to discuss further, otherwise you will need to hunt around the second tier lenders and it will really be a number of hours that you will have to put in to get the right mix of results.

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Rohan

2 years ago

Hi Paul, I deal in similar types of scenarios and might be able to help you out with a solution. Please contact me asap. Thanks. Rohan

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Tom

2 years ago

Hi Paul, we specialise in property development loans. Whilst you may not get bank funding there are non bank & private lenders out there with whom we have extensive relationships that would be able to assist (the rate will likely be slightly higher but they tend to be more commercial). If you would like to discuss this further please feel free to get in touch, happy to assist you.

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Xavier

2 years ago

Hi Paul, You may need to resort to some private funding to complete the project at the end of which we would be able to get you a refinance to conventional funding with the banks.. this is unless you intend to sell it off. If you are interested please get in touch. Regards

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