Bank Funding for 23 Residential Units and Ground Floor Commercial Ryde NSW for a first time Chinese Property Developer
Development Finance Partners (DFP) were engaged to deliver a funding solution at bank pricing for a developer who had not completed a development in Australia before. The residential and commercial development in Ryde, NSW. After working closely with the bank to address concerns and ensure requirements were met, the loan was settled and development underway.
The Developer Faced Challenges in Accessing Bank Funding
- The Client had not completed a development before in Australia.
- The Client wanted Bank funding at a time when Banks were not supporting new customers.
- The builder had recently gone through a difficult period with his former business partner and had reformed into a new building entity.
DF Partners’ Role
- DFP was engaged to provide a funding solution at Bank pricing.
Working Closely With the Banks, DFP Delivered the Funding
- DFP was able to provide Bank funding through its strong relationships with first and second tier Banks.
- The Bank that approved the loan had some concerns about the Builder’s past history. DFP however, was able to present the full story which demonstrated that the new building entity and its sponsor had not been the cause of the past issues.
- DFP worked closely with the Bank to gain an acceptable mix of presales to satisfy the Bank’s requirements.
- The loan has recently settled and the client can now look forward to future developments as an experienced developer.
What the Client Says
DFP has provided the Bank funding for our first project in Australia, in Devlin St Ryde. In spite of the difficulty and complexity in relation to funding from Bank, a successful result was delivered on time. We would highly recommend DFP.
Ping Hu, Managing Director, Best Living Pty Ltd
Could your next project benefit from some expert development finance? Get in touch.
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