I need your advice to find construction loan (245K) to build an investment house on a titled land.
I work as a full time employee earning 120K/ Year. I have two small kids (8Y and 3Y) and my wife doesn't work.
I already have settled land and looking to build a house on it.
My broker is struggling to find a lender based on my financial condition (see below). I need second opinion and looking for lender who can approve construction loan.
Salary: 120K/Year + Super
Family: Two Kids(8Y and 3Y) and wife does not work
Owner Occupied Home Loan Remaining: 312K
Owner Occupied Home Current Value (Approx): 550K - 600K
Investment Settled Land Loan Remaining: 163K
Investment Settled Land Current Value (Approx): 270K - 300K
Expected Rental: 400/Week
Cash in Hand: 35K
Construction Loan Required: 245K
The problem is when I purchased land then it had a clause that I cannot sell it. I must build within 1 year and complete construction within 2 years. This clause is killing me. Otherwise, I would like to sell the land instead of going for construction.
Thanks very much