Finance for income producing acerage ppor?

Through bank Sa, and as brady said someone along the line has got the valuer to play ball. So now a few more days wait for them to do a proper valuation, which was ment to be completed a week ago. Which means we will probably run a few days over the expected time to secure finance by on the contract.

We'll get there.

 

Make sure you ask for an extension of finance - just because the valuation is getting done now doesn't mean it won't come back with issues. You would hope it comes back at purchase price, but I would be looking to cover all bases

 

Yeah I would expect the valuation to come in less than contract because of the income producing element and the fact that valuers can't look through stuff like that.. they have to discount that income element it if they are instructed to value a resi property!

 

Will be touch and go in the cases the Tower isn't constructed yet, just the lease that in place - the lease by the sounds protects the owner of cost (establishment/removal). And it's going to be in remote location on the property. Be interesting to see what the valuer comes back with keep us all posted @Joshwaaaa

 

Alright so valuation came in a little bit low, which i believe is not right as it is the second cheapest house to be sold in the area in almost 2 years, the cheapest was a 2 bed place on a super steep block when this is 3 bed amd dead flat. But anyway the good part.

"The tower does not negatively impact on marketability,market value or general utility of the property, but does provide the positive impact of a lease income, however we have not taken this into consideration for residential property"


Bottom line is we "should" be able to get this over the line. Pretty sure my broker is tired of hearing from me however, but who doesn't love a challenge.

 

Had a similar scenario with Bank Australia with a 90% lend. They where happy to do it but LMI said its a commercially zoned property so no go. NAB did it no probs under resi.

@Joshwaaaa does your broker not have the ability to order upfront vals?

 

Did you end up getting this over the line @Joshwaaaa

 

Sure did @Brady moved in almost 4 weeks ago. Ended up going for about 82.5% lend which banksa said yup to and then passed the LMI so we ended up paying about $3000 in lmi but in the grand scheme of things and all the hassle we had along the way with this purchase we were very happy with the outcome, LMI on a primary production property is unheard of normally or so I'm told

Have been enjoying our new backyard imensely