Jess
Re your house purchase scenario !
How about if you have first refusal at a bargin price, and only you were aware that the block was big enough to get planning permission to build a block of units. Would you just walk away because you have no money, maybe not ! You would get a true valuation based on the development potential, talk to a few developers and receive offers. The bank would then be informed you needed short term bridging and that you had received offers from well respected and cashed up developers and that these offers indicated the true value of the block as collateral.
Something that is bought cheap and has the potential to have its value substantially increased in the future has got to be attractive to financiers IMO
From the Lanes of Melbourne to the Busy Streets of Dakar, page-19
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