In many cases we’re seeing developers complete projects with multiple properties which they intended to sell, but due to the current property market conditions they’re unable to either sell at the price they wanted to, and may be deciding to rent these properties out, OR are deciding to sell at a later date.
If you or someone you know is the following situation, it’s important to know we can help:
We have access to non-bank products where the rates are as low as 8.69% for 1 year, or 7.69% for 5 years (depending on how long you wish to fix). While lenders may not take your development income, if there is sufficient rent (or proposed rent) in the current portfolio, or the specific development, you may be able to access these rates. This could either change a property from being built to sell, to building to hold, OR it could be something that just buys you some time until the market gets better and allows you to sell for a more reasonable price.?
Feel free to get in touch with us here.
Ryan Smuts
23 May 2024