No presales finance, 70% LVR, Suburban Melbourne
Our client a builder/developer approached Development Finance Partners (DFP) to procure funding for a four level, eight apartment project to be constructed in suburban Melbourne.
- The client was seeking a competitive funding package with no presales, where the client’s building company was also to be the head contractor.
- While the scope of the build was relatively small
(8 apartments, 4 floors), the site itself was not ideal with access issues needing to be mitigated and addressed.
- The gearing sought was also on a stretched basis, with the client seeking up to 70% LVR.
Approval zero presales finance | $3.968 million at a 70% LVR, 15 month term
DFP coordinated a competitive finance tender program, resulting in a number of lenders providing indicative terms.
- DFP advised the client through the individual terms of each offer and provided its recommendation with regards to lender ultimately selected to proceed with.
- The approved terms allowed for the client to commence construction within weeks on a no presale basis and up to 70% LVR.
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