We were approached by a developer who had recently entered into an Option Deed to purchase a development site upon the approval of the DA for 47 lots. He was hoping to finance the purchase through his existing lender but as the settlement deadline was to occur in only a weeks’ time and the lender required extensive valuations to be completed, he had concerns the funds wouldn’t be available in time.
The client came to us seeking urgent finance of $4 million to settle on the purchase, with an additional $4 million to be released in instalments over the next 6 months to assist with building and development costs. He was able to offer a first mortgage over the development site, plus second mortgage’s over three of the other commercial properties owned by the company.
With our team of internal valuers, we arranged to inspect all three properties that afternoon and funded the loan the following morning.
Our expert property team here at Secured Lending, understand the complexities of DA Applications, construction and development sites. Unlike most lenders, we are willing to lend against partially completed development sites and pending DA applications.
To find out more about our short term funding solutions, contact Gino on 0416 798 187 or Mark on 0427 277 162. We are available to discuss any scenario 24 hours, 7 days a week.
Alternatively, complete our enquiry form below and we will get in contact with you within 24 hours.
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