4 on 1 title development

Discussion in 'Development' started by Pamela Palmqvist, 6th Jan, 2016.

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  1. Pamela Palmqvist

    Pamela Palmqvist Active Member

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    Hi, I was wondering if there is anyone that has done a 4 on 1 title development recently? It has become almost impossible to do this under residential (even PN Bank is now only doing 3 max) and I was wondering if anyone has had any luck in this area lately? As a residential mortgage broker I can only access a few commercial options so I am curious to know how others have gone about this lately. Thanks
     
    Pamela Palmqvist, 6th Jan, 2016
    #1
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    tried St G? They will do up to 4. RAMS too. under residential
     
    Terry_w, 6th Jan, 2016
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  3. Pamela Palmqvist

    Pamela Palmqvist Active Member

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    Great, thanks Terry, I will check St G, RAMS is not on my panel so not an option
     
    Pamela Palmqvist, 6th Jan, 2016
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  4. Pamela Palmqvist

    Pamela Palmqvist Active Member

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    St G will consider at 60% - do you know any that will consider at 80%
     
    Pamela Palmqvist, 6th Jan, 2016
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  5. 158

    158 Well-Known Member

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    How bad are other lenders offering at 80% ?

    We are in a 'cheap money' environment. Anything up to 6-7% would still be considered better than the long term average for a commercial loan.

    pinkboy
     
    158, 6th Jan, 2016
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  6. Shahin_Afarin

    Shahin_Afarin Residential and Commercial Broker Business Member

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    Don't bother with St George as they will reduce the LVR.

    Only RAMS and Bankwest will do 4 unit construction on a single title. If the development is under a company entity then you will need to do this via business banking @ Bankwest and its a nightmare. Also depending on the loan amount (i.e. above $2mil) you will need to do it@ 70% LVR.

    Although not on your panel - the best thing would be to refer the client to RAMS. They even consider 5 units construction.
     
    Shahin_Afarin, 6th Jan, 2016
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  7. Pamela Palmqvist

    Pamela Palmqvist Active Member

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    Great thanks, I just came across Bankwest in this regard, and I didn't look at them earlier because I thought it would be well out of their comfort zone. Rate is great too so I'm very pleased. :)
     
    Pamela Palmqvist, 6th Jan, 2016
    #7