$7.425m first mortgage facility to assist with settlement of future development site acquisition at an LVR of 99% of the purchase price
Project Background
DFP was engaged by the borrower to obtain settlement finance to assist with the purchase of the future development site located in Austral, NSW.
To complete the land settlement, the client sought an increased LVR on purchase price providing at valuation showing significant uplift in value.
Location of the Site
This 2.02 ha site is located within the suburb of Austral, situated approximately 42 kilometres South-West of Sydney CBD.
On completion, the property is proposed to be developed as a Torrens Title land subdivision of 44 lots.
The Results
Quick site finance secured at a 99% LVR of the purchase price.
DFP was able to successfully negotiate terms with a preferred capital partner and deliver the result sought by the client to achieve an LVR of 99% of purchase price (66% of valuation), reducing the clients required equity contribution at settlement significantly.
DFP worked with a capital partner capable of rolling the land facility into construction funding when the time arrives for works to begin on the development.
- Loan amount: $7.425 million
- Term: 12 months
- LVR: 99% of purchase price
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