Development Finance Partners, (DFP), was engaged to provide a funding solution for a land bank acquisition for a future development site in Canberra, with three business days to settle on June 30, before Development Approval. 

The main challenge

The main challenge for this client was that the site was a purchase from the state government and an extension to settlement date was not available. DFP had three business days to achieve settlement in the midst of a COVID lockdown otherwise our client would have lost their deposit.

DFP's role

To support their client, DFP were retained to assist in financing the purchase of a site, by providing a land bank facility for 12 months to allow the client to achieve DA for the future development of a childcare centre and a townhouse offering.

DFP were advised on Friday June 25th that settlement had to be effected on, or prior to June 30, in order to save the clients deposit and overall project work to date. This was because the State Government wouldn't allowing any extensions and issued a notice to complete.

By 10pm on Friday June 25, DFP had arranged finance approval and the issuance of mortgage documents to the client solicitors for execution and returning over the weekend. A NSW COVID lockdown situation meant that DFP had to arrange a Victorian solicitors office to certify the mortgage documents to allow settlement to proceed. This was all achieved between Friday night and Monday afternoon.

Monday morning saw the valuation inspection take place with the report issued same day, following which settlement was arranged and booked with all parties for Wednesday morning. Settlement took place smoothly, with DFP coordinating the settlement statement and cheque directions between a number of parties, and our client was able to complete under their contract.

An prime example

This is an example of a case study that needed quick and reliable funding while being under extreme pressures. Today, DFP are seeing clients needing similar transactions and fast turn arounds for multiple use cases.

Finance Terms

Type: Land Bank Loan

Loan amount: $2,100,000

Terms: 12 months with no minimum term

LVR: 60%

No matter the challenge, if you need fast and reliable funding, DFP have the experience and network to help you succeed. Contact us to explore your tailored finance options further.



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