Non Bank Lender Construction Loan

Discussion in 'Loans & Mortgage Brokers' started by Kozy, 10th Sep, 2020.

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  1. Kozy

    Kozy Member

    Joined:
    23rd May, 2018
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    Sydney
    Hi,
    I was wondering if any 3rd tier lenders are doing construction loans? I will need to fund my next PPOR with a lender such as pepper as we are capped out in servicing, however, if we need to do a renovation later it seems that Pepper at the moment aren't doing construction loans?
     
    Kozy, 10th Sep, 2020
    #1
  2. David R Sutantyo

    David R Sutantyo Well-Known Member

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    What's your intention with the property afterwards? Sell or hold? What's the exit strategy? Private lending might be an option?
     
    David R Sutantyo, 10th Sep, 2020
    #2
  3. Morgs

    Morgs Well-Known Member Business Member

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    Sydney NSW
    Pepper put their construction product on hold when COVID kicked off. Not much choice out there anymore, perhaps Latrobe, or private lenders but the later in particular are expensive.
     
    Morgs, 10th Sep, 2020
    #3
  4. Kozy

    Kozy Member

    Joined:
    23rd May, 2018
    Posts:
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    Location:
    Sydney
    Yeah without pepper it's hard. Our plan would be to live in it. We would nearly be able to do it with cash...we won't do it for a few years so hopefully things change.
    We are capped out as we hold investment properties.... I wonder if pay down the investment loan a little (which isn't good for tax purposes) would I be able to lend more for my PPOR....
     
    Kozy, 10th Sep, 2020
    #4
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