signed up for a construction loan to move from a 3br townhouse to a new home in a new estate on the sunshine coast.
signed a construction loan in two parts; one for the small mortgage on the townhouse and the new land. and one for the construction phase of the loan.
went this way because we had to sell the townhouse within 12 months on settlement on the construction.
the land and transfer of mortgage from original lender to the dragon is on Tuesday 3/3.
guess what? got an acceptable offer on the townhouse today which will leave the land and the balance on the townhouse paid out (after less than 4 weeks).
contract with Planatation is not scheduled until 13/3.
I'm not sure I could have planned a worse scenario.
The plan is that the net proceeds from sale would fund the actual contruction and fitout on the new house and the loan on completion would be about the value of the land + the <100k on the townhouse.
result = conveyancing plus??