In week five of our feature “Convincing the lender to say Yes” as published in the Australian Property Investor Magazine we focus on the topic of “Development Experience”
When assessing a loan application most lenders will look to see what projects you have previously completed even if it’s only a small project you’re attempting. Previous experience gives the lender confidence that you have the ability to ensure that a project will go as smoothly as possible from start to finish or at least show you have the capability of dealing with any issues that may arise.
This doesn’t mean first time developers are locked out of the lending market. Common sense should firstly apply in that a first timer should look to attempt a small scale project rather than a high rise apartment building.
Lenders will also look favourably if you surround yourself with good professional people such as Accountants, Lawyers, Architects and Project Managers and make that a highlight of your loan submission.
Finance Advocates Australia ( www.financeadvocates.com.au ) with its 29 years of experience can assist its clients with its vast network of professionals in providing assistance for you with these professionals for your next project. Get in touch on 1300 780 196 .
