A client in North Perth W.A collaborated with DFP when needing construction finance to renovate an existing property, subdivide the rear block and build a new home on the land.
DFP was engaged by a borrower to secure Development Finance to undertake renovations on an existing property, subdivide the rear block, and build a new home on the rear land.
The clients were able to provide additional security as their equity contribution, which allowed DFP to secure terms for the project related to the site, and also utilise the additional security to provide additional equity into the transaction.
About the Developer and Builder
The developer and builders are related entities who have undertaken several previous projects together in their own right. They found that being owner builders created problems when dealing with the majors, so approached DFP after understanding that our stable of funders work with both developers and related building entities via Tri-Partite agreements.
The Result: Fast and flexible Residule Stock Finance
Development Finance Partners, were engaged to provide a quick and reliable funding solution. DFP arranged a funding structure that provided the required development finance facility, and also utilised the equity from the additional security provided. The funders are now finalising the core valuation reports and final approval documents for the commencement of the project.
Type: Development Finance
Loan amount: $2,400,000
Term: 12 months after initial drawdown