Background
Development Finance Partners (DFP) was engaged by a property developer seeking to refinance and complete a residential subdivision in Suffolk Park, a premium coastal location just four kilometres south of Byron Bay in the Northern Rivers region of NSW.
The developer had originally acquired the site with funding from a major bank, which had shown initial interest in supporting the development. However, the bank required a high level of presales before it would release construction funding, causing delays and limiting the developer’s ability to progress.
To keep the project moving, the client proceeded using their own equity and later engaged DFP to secure a more flexible funding solution that would:
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Refinance the existing facility
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Pay outstanding development invoices
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Fund the remaining civil works
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Include capitalised interest and sufficient time for post-completion sales
Project Overview
The development involved the staged delivery of a residential subdivision in Suffolk Park, a highly sought-after area within the Byron Shire. With the project already more than halfway complete, the developer required a funding partner who could step in mid-project, provide liquidity, and allow time for orderly completion and sales.
Key Metrics
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Loan Amount: $6,700,000
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Loan Type: Land Refinance Facility
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LVR: 63% of GRV on completion
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Term: 12 months
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Location: Suffolk Park, NSW
The Challenge
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The original lender required substantial presales to release construction funding
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The project was already partially completed, requiring a mid-stream funding solution
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The client needed cash flow support to pay down creditors and complete civil works
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The new facility had to include capitalised interest and flexibility for post-completion sell down
DFP’s Strategic Solution
DFP assessed the project’s current status, remaining costs, and projected end value, then prepared a funding proposal aligned with the developer’s requirements.
Through its capital partner network, DFP delivered a facility that:
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Refinanced the original facility
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Covered outstanding development costs and invoices
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Included capitalised interest, allowing the developer to focus on delivery and post-completion sales
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Was structured at 63% of the GRV, balancing strong security with financial flexibility
The 12-month term allowed adequate time for completion and full sell-down of the lots, removing pressure from the developer and restoring momentum.
Results and Benefits
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$6.7 million land refinance facility secured
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Westpac facility refinanced, with no presale requirement
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Project completion funded, including capitalised costs
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Cash flow pressure eased, with creditor payments managed
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Post-completion sales period supported, improving return potential
Conclusion
This case demonstrates DFP’s ability to step in mid-project and deliver tailored refinance solutions when traditional lenders fall short. By securing a $6.7M land facility with capitalised interest and flexible terms, DFP helped the client complete their Byron Shire subdivision and maximise returns through a strategic sales rollout.
Whatever the size of your development plan, DFP have a wealth of experience and strong relationships to help you succeed. Contact us to explore your tailored finance options.
