Need a huge loan to buy a property...is it possible?

jamesd

The owner not living there is promising.

Just how close could you get to that 800k purchase price if you didn't have to allocate money for building budgets?

If you can get close you might be able to do a deal where you buy the dream house using a P2P loan that is mixed purchase and construction, secured on the dream house and the building plots. Conventional lenders would run at such combinations but these aren't conventional lenders, they are more interested in sensible deals with sensible values and cash flows. If this is the case you might want to contact the possible lender(s) before you contact the seller, to see what you might be able to get to let you do the buy and construction on some reasonable cash flow agreement relating to how much you do on each house, serially or concurrently or whatever. That way you can make a conventional purchase from the dream house vendor and save yourself from having to sweeten the deal they are getting offered for non-standard completion terms.

It'll be expensive but the extra info makes it look more like a possibility.

bris

Forget it, you don't have a snowballs chance in hell. In fact even before the big crash when the bank were literally throwing money at us you still wouldn't have had a chance on a combined salary of 45k.

jamesd

It's not the combined income that would matter for the lenders who may be willing to support the projects, it's the security provided, the certainty of the exit plan and the cash flow needed.