DFP secured refinance to provide cash out for working capital, plus land bank finance to assist with the purchase of a large 465 ha rural residential land parcel located on South Coast of NSW.
DFP was engaged by the borrower to obtain a first mortgage loan and refinance with an existing lender and provide cash out for working capital.
In addition, asked to urgently provide finance to assist with the purchase of a large rural residential land parcel located on the South Coast of NSW.
- Land bank finance for a large rural residential land parcel of 465 hectares
- Urgent timeframe for settlement
- LVR 50% required to settle
- DFP was formally engaged by the developer, and immediately undertook due diligence of the transaction and prepared an executive summary for the capital underwriter
- DFP discussed the urgency of the matter with the capital underwriter and the "opportunity costs" of proceeding quickly to take the property off the market
- The capital underwriter within 24-hours issued a formal loan approval, subject to valuation and provision of the subdivision documents to be provided immediately after settlement for their legal team to review and consent to be provided
- DFP arranged for urgent valuation to be conducted
- The valuation was subsequently completed to the capital underwriters' satisfaction, and within 48 hours the loan documentation was prepared and sent to the client's lawyers for execution
- Given the large rural land parcel and LVR of 50% confirmed
- Documents signed and returned for certification for settlement
- Refinance effected and cash out provided to the client
- Finance secured, terms approved within a short timeframe and urgent valuation completed
- Loan amount: $1,400,000. Settled within timeframes to enable the client to purchase a land parcel
To find out more about our land bank finance options, request a call back.