Development Finance Partners, (DFP,) was engaged to provide a funding solution for the construction and development of 4 luxury coastal townhouses in Currumbin, QLD.
DFP's role:
DFP were retained to assist in arranging a progressively drawn construction facility for the Joint Venture opportunity.
The developer, who has worked with DFP a number of times, had structed the joint venture with a landowner and arranged a Development Approval for 4 dwellings. The transaction was structured with:
- The landowner bringing in the site and mortgage to the financer; and
- The developer providing the experience to deliver the project and obtain the loan
To support, DFP arranged the terms and successful settlement of the construction facility under this Joint Venture structure.
About the developer:
The client is an experienced development company that specializes in high end, boutique and blue-chip owner occupier stock. They partnered with an individual who already owned the ideal site to deliver the project under a Joint Venture.
Finance Terms
Type: Construction Finance
LVR: 65% of Gross Realisation
Loan amount: $4,100,000