Hello, Im from the Philippines, Im currently studying to become a real estate developer - I understand its capital intensive. However, for my first investment, im planning on building a 4-door apartment building. I can have it built for a meager 150k and loan it from a bank.
I already have a contractor. I'm also aware of the local codes, pertinent taxes, market rental rates, etc, all that's missing is capital.
Im thinking of dividing the loan between two banks to lessen the length of time for evaluation.
Now the what if's:
-If however, profit does not meet the maturity date, can the contract include a clause that allows extension of dept period?
-in the worst case scenario, if the business does not yield as expected, can the building itself be the collateral and operate business as usual?
In your opinion, what is the likelihood this debt funding will be accepted by banks?
Thank you for giving the time to help!
I already have a contractor. I'm also aware of the local codes, pertinent taxes, market rental rates, etc, all that's missing is capital.
Im thinking of dividing the loan between two banks to lessen the length of time for evaluation.
Now the what if's:
-If however, profit does not meet the maturity date, can the contract include a clause that allows extension of dept period?
-in the worst case scenario, if the business does not yield as expected, can the building itself be the collateral and operate business as usual?
In your opinion, what is the likelihood this debt funding will be accepted by banks?
Thank you for giving the time to help!
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