A DFP applicant sought Civil Work Finance to complete their 2 Stage 46 lot subdivision project.
After some frustrating attempts with other finance providers, a borrower approached DFP after receiving positive feedback from others. This client needed to know what options they had to secure sub-division finance for a project in Tasmania.
The Developer:
This developer has undertaken many successful projects and pride themselves on being painstakingly precise. They set themselves up to achieve high-quality results and are equipped to take-on all facets of any land sub-division project. It's their mission to deliver on-time, under-budget and to the highest of standards.
How did we help?
After conducting due diligence, DFP presented a financial proposal to its clients. However, the timing of the settlement of the land component became problematic due to delays with council approvals for Stage 2. As this issue appeared after finance terms were provided, DFP needed a solution to keep things moving for this client.
The Solution:
To address this issue, DFP negotiated staged terms with its capital partner to provide:
Stage 1 funding:
- Secure the land refinance
- Funding for Stage 1 subdivision works
Stage 2 funding:
The Result: fast and flexible subdivision finance
The DFP team provided a quick and reliable funding solution to their client and arranged a subdivision facility for $3.0m. Now this is achieved, the subdivision drawdown facility is beginning and will be implemented at settlement.
"Dealing with Bronko and Bob from DFP was an amazing experience. Nothing was an issue throughout our short turnaround. When things were going to be time sensitive with others, DFP came up with a solution in no time at all. I highly recommend them to anyone looking for access to commercial lending - Sam, Kernal Investments
Finance terms:
Type: Subdivision finance
LVR: 85% on 'as is' land value
33% on gross realisation value
Loan amount: $3,000,000
Term: 15 months