Hi, I am considering a demo and rebuild of my current home in Auckland central area and then sell or rent it out depending on the market in a year.
The house is mortgage free and has a cv of $1.7m and would expect completed value to be above $2.6m based on current sales in the area, or rental around $1000pw.
Would it be possible to get finance for a construction loan of $750k on the value of the land and on getting expected rental appraisal or sale price appraisal once completed?
Appreciate any advice from brokers or anyone who has done something similar.
TIA
The house is mortgage free and has a cv of $1.7m and would expect completed value to be above $2.6m based on current sales in the area, or rental around $1000pw.
Would it be possible to get finance for a construction loan of $750k on the value of the land and on getting expected rental appraisal or sale price appraisal once completed?
Appreciate any advice from brokers or anyone who has done something similar.
TIA
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