Case Study | No Presales Finance – Upper North Shore, Sydney

February 3

Boutique over 55’s apartment/townhouse development in North Shore Sydney, NSW

Background

The client acquired a development site on Sydney’s lower north shore with funds raised from a major bank a number of years ago before recently applying for approval and achieving consent for the proposed project.

When the developer approached the existing bank mortgagee, they received the feedback that they did not fund SEPP 55 developments.

Challenges

  • No Presales construction finance;
  • Specialised security and development risk;
  • Client with minimal resources outside the secured properties;
  • Owner Builder.

The Results

DFP, on behalf of the client, managed to procure an offer of finance within 24 hours of sending our credit assessment to our preferred capital partner for this particular opportunity.

Approval of a $4.9m First Mortgage Facility

  • Owner Builder;
  • No Presales;
  • Geared to 55% Loan to Value (LVR)

Tags


Related Posts

Funding your development with your own cash

For property developers with funds tied up in projects, liquidity can often

June 28, 2022
Read More
Funding your development with your own cash

Case Study | 1st Mortgage plus cash out for land purchase, South Coast, NSW

DFP secured refinance to provide cash out for working capital, plus land

June 15, 2022
Read More
Case Study | 1st Mortgage plus cash out for land purchase, South Coast, NSW