1 Single Storey Build (Michael Silverstein)
740m2, R1, Woodend – Macedon Ranges Council , Victoria
When Pre-Approval Isn’t a Green Light…
You’ve done all the right things, crunched your numbers, got your finance pre-approval, and secured the site. The plan is solid, the timeline is tight, and the bank says yes… what could possibly go wrong?
Well, here’s the thing they don’t tell you, pre-approval is not a promise. And sometimes, just when you’re ready to hit the go button, the bank decides to move the goalposts.
That’s exactly what happened to our next Real Deal speaker, Michael Silverstein.
Midway through the deal, after months of preparation and planning, Michael’s bank changed the rules. Suddenly, they required pre-sales before they’d release any funds, a condition that hadn’t been mentioned at the outset. And with no way to meet the new requirements in time, he was forced to make a tough call: forfeit one of the blocks, lose his deposit, and drastically pivot his strategy.
But rather than walk away from the whole deal, Michael did what any seasoned developer would do - he adapted. He salvaged the project from the brink and walked away with some hard-earned lessons in his back pocket.
Join us as Michael shares the raw, unfiltered truth about:
• What went wrong and why it caught him off guard
• The cost of relying too heavily on bank promises
• What he'd do differently if he had his time again
• And most importantly how you can protect yourself when lenders change their tune mid-deal
Because let’s be honest: if this hasn’t happened to you, it could. And when it does, you’ll want to know exactly what to do next.