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Bare Land Finance

Areas of finance:

  • Bare land purchase
  • Land Bank
  • Residential and Commercial Land (large block or sections)
  • Individual sections
  • Development sites
  • Refinance of existing facilities to allow equity release and better rates
  • First and Second mortgage finance

Specifications*:

  • Minimum Loan: $100,000
  • Maximum Loan: $10,000,000
  • Term: 12 months to long term
  • LVR - up to 85% (GST exclusive if borrower is GST registered, GST component of purchase may be financed pending receipt of refund)
  • Lo-Doc can go to 85% to Land Bank.
    • Please note in this current stressed credit cycle you would more than likely need RC and Pre-sales in place.
  • Minimum cash equity is normally 20%
  • Fixed and/or floating interest rates
  • Interest only or principle & interest repayments

Costs*: (these are industry standards)

  • Interest Rates:
    • 1st mortgage: current floating rates to 12%
    • 2nd mortgage: range from 12% to 17%
  • Lender Fees: range from 0.3% to 3%
  • Legal Costs: vary upon financier and your solicitor

The exact interest rate depends on the market conditions, strength of the securities and the credit risk associated with the application and the applicant.

 
 
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    * All of the above are subject to the property, business location and normal lending criteria and do vary depending on the particular lender.        
   

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