Browse Forums Home Finance Re: Land Loan and Construction Loan Sequence 4Oct 06, 2020 10:30 pm Bicolxpress I work in credit at the bank and all you have to provide is copy of the contract to confirm the sale price of the investment property being sold and and loan statement if the property has a mortgage on it. This is to confirm the net proceeds from the sale is $330k. There will then be a settlement condition from your bank confirming your partners property has been sold and existing loan paid off. This settlement condition can happen before or simultaneously with your land and build loan. Subject to their being a confirmed sale, yes. Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building The biggest challenge will be if you take out a loan and then run out of money - you'll have an incomplete security and lenders do not like this so you can get stuck.… 2 20084 Hi there, I hope someone can give me some insight into a (very lucky) situation I'm dealing with. My Mum was gifted property by my grandfather after he passed. My… 0 735 Thanks very much! And would the landscaper/contractor generally involve the engineer or is that something the client would do? Thanks for your help 2 10569 |