So my project is supposed to settle tomorrow and at the last minute the bank has moved the goalposts. I had to pay the 10% deposit on confirmation with my Orbit facility in the meantime.
Then the lending was supposed to repay this, provide the extra 10% for the total 20% deposit (by refinancing from existing property) and the 80% balance. Oh, and a further $30K for the renos.
Only now the bank is umming and aahhing and I may only get the other 10% for the deposit. So no funds to repay the Orbit or do the renovation.
What would be the preferred option to finance the renovation if this is what happens? Harmoney/Squirrel or something else? I've already started paying for some of the reno and need about $20K to finish.
Then the lending was supposed to repay this, provide the extra 10% for the total 20% deposit (by refinancing from existing property) and the 80% balance. Oh, and a further $30K for the renos.
Only now the bank is umming and aahhing and I may only get the other 10% for the deposit. So no funds to repay the Orbit or do the renovation.
What would be the preferred option to finance the renovation if this is what happens? Harmoney/Squirrel or something else? I've already started paying for some of the reno and need about $20K to finish.
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