Will bank give me funding??

[Johnny Westy]

I am currently self employed earning approx €25K per annum.
I recently came into some money and after taxes etc. came out with €250,000.
I wish to buy a site and build 4 appartments on it at a cost of €750,000.
This would mean it would cost me €500,000 as I have €250,000 of my own.
The estimated time involved to buy the site and construct the 4 appartments is 18months.
When the appartments are built I indend to sell one of them for approx. €250,000 leaving me owning 3 of them. I will live in one and rent the other 2.
Will the banks finance the project for me as I will need 500K for 18 months or how can I go about getting the finance...??

 

[Swallows]

The business proposition looks good to me but then I am not the Bank Manager. If you deposit the 250.000.K with the said Bank and show them the planning permission they will probably be able to grant you a mortgage based on the value of the site and then the eventual houses. I believe payments are staged, but some one else with more knowledge of house building can give you more information.

Your first port of call is the Bank. I dont think your self employment would matter because the sale of and rent of the houses is what will repay your loan.
I believe they call it buy to let mortgage. Good Luck. I would give you the money!!

 

[markowitzman]

j westy I would get an independent multi-agency financial advisor to fight your corner with the banks rather than going cap in hand to each bank.