IMPOSSIBLE?
HELL, NO!
Non-code only!
We recently completed the construction of a house and land package. “So what?”, I hear you ask.
Well, we advanced ALL of the money directly to the borrower’s bank account. There was no valuation required. There were no progress draws.
It was a small loan. The kind we prefer. The applicant had spent $300,000 of his own money, anticipating.
- The house is well located
- There was no fixed price (or any other kind of) contract to complete. We accepted his pricing as reasonable after minimal research with a builder friend
- He needed another $600,000 to complete
- As a tradie, he had the capacity to complete
- He clearly intended to complete.
He was far enough down the track for us to be satisfied that he was far better off finishing the job and selling the property than taking a holiday with our money. Sale of the land alone would have almost covered our principal sum. There was minimal risk.
Corporate borrower.
Approval – 24 hours. Settlement – 7 days.
Term – 6 months. He was finishing the job in spare time from his alternate employment and provided regular photographic update.
He was let down by his bank, who were going to take too long anyway.
That’s outside the square, and we’re looking for more.
Sale contract is expected to exchange next week.
Contact us. We like these deals.
