Senior Land Bank Loan, Melbourne $12million
Development Finance Partners (DFP) were engaged to deliver a funding solution to fund a land bank acquisition in Melbourne. After working through a number of challenges a $12.100M loan at 65% LVR was delivered.
Development Site Purchase Funding Was Required
The client required us to finance the acquisition of a large development site in Melbourne, Victoria. The groups existing banking relationships were only willing to finance to a conservative LVR of 35%.
Key issues faced by the project included:
- Settlement date was eight (8) weeks from initial client contact;
- Site had no Development Approval; and
- Site had contamination issues that had yet to be quantified;
DF Partner’s Role
DFP were retained to provide advice and recommendations to assist with sourcing the finance for the purchase.
Working Closely With the Banks, DFP Delivered the Funding
- DFP formed a financing strategy to mitigate the environmental and zoning complexities of the subject site;
- DFP advised, arranged and settled a 65% senior land bank loan from an Institutional Fund Manager;
What the Client Says
“We chose to use DFP as our finance partner for this transaction as we felt confident they could deliver on a challenging funding proposition.
DFP procured an optimal LVR outcome for our land bank opportunity under a tight settlement timeframe.
We continue to work with DFP as they understand our business and continue to find innovative funding solutions for our capital requirements”
Nick Smedley, Managing Director, Steller
Could your next project benefit from some expert development finance? Get in touch.
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Melbourne VIC 3000
P/ 03 8692 0082
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P / 07 3041 4136
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