FINANCE FOR CONSTRUCTION/DEVELOPMENT CLIENTS
Renovation/Flip FinanceWhy use PMA to finance your client’s property renovation or flip project:
- They only need a short-term loan to allow them to renovate and on-sell
- They can’t get bank finance as they can’t showcase serviceability for a loan
- They need a ‘split facility’ to allow them to purchase the property and then, when ready, complete the renovation
Up to $5M (1st Mortgage) & $2M (2nd Mortgage)
Up to 70% of the ‘as if complete’ value (max. LVR of 70% for major metro residential property, other security at lower LVRs)
1st Mortgages & 2nd Mortgages
3-12 months + Extensions
Following the success of TV Shows like The Block and renovators like The Three Birds, many people are now starting to complete renovations or house flips as a way to create income. Sometimes after completing a couple of projects, renovators or property developers may want to start doing it professionally and set up a business to do so. Private Mortgages Australia can help fund purchases for renovators or property flippers who are planning multiple projects.
We are able to offer a ‘split facility’ where we can provide funds to purchase the property and then also provide the funds to complete the renovation when you’re ready to start the project.