DFP recently assisted clients in Ryde, Sydney, NSW. They needed support in settling their development site while they finalised a building contract and commenced construction.
DFP obtained and executed loan terms for both the land settlement and construction finance. With the land settling to meet the purchase contract date and the facility being increased ready for construction 7 months later once works commenced.
Following the land settlement DFP managed the process to have the QS report completed and approval for the increase of the facility with the same lender by $2m to begin progress drawdowns for all construction costs, professional and statutory fees associated with the construction and delivery of the project.
Terms – Land Settlement
- Finance – Land Settled at 65% LVR
- Loan Amount $1,755,000
- Up to 12 months as required
Terms – Construction
- Finance – Construction facility increase to 70% LVR of gross realisation
- Loan Amount, Land & Construction $3,862,700
- Term – 18 months