DFP was engaged by the borrower to assist in completing their subdivision project which was already over halfway complete. The borrower had originally settled their site with Westpac who expressed interest in the project, however they required a significant number of presales to provide debt cover before they would advance development funding.
The client started the development with their own equity and approached DFP to assist in sourcing and setting a facility to refinance Westpac, pay outstanding invoices and provide funding for the remaining project costs to complete. In addition, the client required time within the facility with a capitalised interest provision for sales and sell down post completion.
Location of Project/Site
The subdivision project is located in the coastal region of Suffolk Park, a suburb in the Byron Shire of the Northern Rivers region in New South Wales, located approximately 4 kilometres south of Byron Bay and benefiting from views that overlook the coastal plain.
What DFP Delivered
Type of finance: : Land Refinance
Term: : 12 months
Amount: : $6.7m
LVR: : 63% of the GRV on completion.