Hi Guys, I have development project one for 3TH and other for 4TH which are ready to go. We are looking for residential loans (under Trust/Company structure). We had loans approved via RAMs for both as residential, but have got very bad valuation. Looking for good recommendation for either brokers or banks who can get it happen ! Thanks Regards
The bank is going to go off the in one valuation which is generally around 30%-40% of the end value. Before you start lender shopping you need to find out who the valuer was with RAMS and ensure that the next lender is not going to use the same valuer. What are the actual numbers? e.g the valuation, loan amount required, etc? You also can't order upfront valuations as these valuations are long form valuations which a) take a long time for the valuer to prepare and b) are very expensive (most lenders cover this though).
Hi Shahin, I will drop u an email separately.. Basically they have valued 880sqm with plan and permit land, in clayton/Clarinda area (Melbourne) around 975K which surprisingly is 100K lower than What council deems (1,075K). Can this be challenged ?
Ok so the valuation on the land is $975k - have you got a valuation on the construction portion? do you currently have the permits for construction or are you still at planning/submission phase?
