Hey Brokers,
Keen to get your advice how you would tackle this one.
Property value - 650k, Loan - 430. Useable equity - 90k.
I need funds to subdivide my block which i am sure unsure of costs due to some issues but allowing 40k.
After subdivision I will likely attempt to sell the vacant block and if I cannot get the price I am seeking may likely take on the build myself.
The catch being I am with bankwest and they may not be ideal for construction.
So I am thinking get a LOC for the full 90k and use what is required for the subdivision.
Then if I go down the road of a build the remaining 50k can be used towards the deposit on the construction loan?
Note - I do not plan to hold if I build so contaminating loans is not a concern.
Keen to get your advice how you would tackle this one.
Property value - 650k, Loan - 430. Useable equity - 90k.
I need funds to subdivide my block which i am sure unsure of costs due to some issues but allowing 40k.
After subdivision I will likely attempt to sell the vacant block and if I cannot get the price I am seeking may likely take on the build myself.
The catch being I am with bankwest and they may not be ideal for construction.
So I am thinking get a LOC for the full 90k and use what is required for the subdivision.
Then if I go down the road of a build the remaining 50k can be used towards the deposit on the construction loan?
Note - I do not plan to hold if I build so contaminating loans is not a concern.