Achieving no pre-sales finance offer within 7 days for a Brisbane townhouse development
- Client is an experienced developer who had engaged a well-known QLD builder to construct 5 townhouses in a well-established Brisbane suburb.
- Client sought Bank funding. The Bank declined the application given there were no pre-sales.
- The Client was under pressure to obtain funding to purchase the site and commence construction.
- DFP was engaged to provide a funding solution to both acquire the site and complete the construction funding. Given the tight time lines a funding approval was urgently required.
- DFP was able to source an Indicative Approval (subject to valuation) within one week of the Client’s approach.
- The Offer of Finance will satisfy the Client’s funding requirements for both the land and the construction funding.
- The Credit was based on a lo-doc application with Accountants verification of income. This saved a lot of time and provided convenience for the Client.
- The interest rate was sub 10.0% and on a time-cost-of money basis the Client is very happy with this rate.
- The loan has now settled and the Client is extremely happy with this outcome.
What the client says:
“I have worked with the Directors of DFP on my very first development project I ever undertook. When looking for a sound finance partner on this current project I decided to partner with DFP again to ensure our project had the best chance of getting off the ground.
The DFP team have been in the industry for a very long time and have an in depth knowledge of what it takes to get the right finance package together to get a project going. They also have a very extensive database of good industry contacts and were able to work with us to ensure the right parties came together to get the funding we required.
We needed finance with no presale requirements and that is exactly what we got. Our project would not be coming out of the ground as we speak if we had gone the traditional major bank route and delays cost money and potentially even the whole project. Essentially the funds they have arranged have allowed us to get started and in turn finish quicker which is a key to delivering a successful project.”
Alasdair Baker, Director, Omira Property Group
For expert advice:
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Sydney NSW 2000
P / 02 8916 6246
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Melbourne VIC 3000
P/ 03 8692 0082
Level 18, 175 Eagle Street
Brisbane QLD 4001
P / 07 3041 4136
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