Real client stories
Construction finance needed
Simon and Terri-Lee
Simon’s brother referred him to Smartline Adviser Jeremy Kruse when he was ready to tackle his fourth property project, building a new home on his subdivided block.
Initially Jeremy arranged a standard owner occupier loan over the existing property. Things became complicated when Simon and his partner, Terri-Lee, finished renovating their existing property and were ready to build on the subdivsion.
‘There’s a lot more to do with any construction loan before you get approval,’ says Jeremy. ‘You need building contracts, town planning approval and more. You need to ensure a client understands the hoops they must go through, because if they don’t, they may come off the rails.’
This case was even more complicated. ‘It was complex because I wanted to borrow against the value of the completed project,’ says Simon. ‘I didn’t want to use cash reserves and I didn’t want to cross-collateralise with the other properties – I didn’t want to tie them down.’
‘Jeremy is the best mortgage broker I’ve come across,’ says Simon. ‘He’s very knowledgeable, but he’s also prepared to research and come up with a solution. Too many people try and cookie-cutter you or just give up.’
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