Boutique over 55's apartment/townhouse development in North Shore Sydney, NSW
Background
The client acquired a development site on Sydney’s lower north shore with funds raised from a major bank a number of years ago before recently applying for approval and achieving consent for the proposed project.
When the developer approached the existing bank mortgagee, they received the feedback that they did not fund SEPP 55 developments.
Key Challenges
- No Presales construction finance;
- Specialised security and development risk;
- Client with minimal resources outside the secured properties;
- Owner Builder.
The Results
DFP, on behalf of the client, managed to procure an offer of finance within 24 hours of sending our credit assessment to our preferred capital partner for this particular opportunity.
Approval of a $4.9m First Mortgage Facility
- Owner Builder;
- No Presales;
- Geared to 55% Loan to Value (LVR)
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