$2.8M Development Finance for a 34-Unit Project on the NSW South Coast
Summary
- •Loan amount: $2.8 million
- •Loan type: First mortgage over the development site, later transitioned to a registered second mortgage
- •Location: South Coast, NSW
- •Term: 15 months
- •Problem: An experienced developer needed funding to purchase a site with approved plans and permits for a 34-unit residential complex, plus a structure that would bridge to first-tier construction finance
- •Solution: Secured Lending took first mortgage security and provided $2.8 million, then transitioned to a second mortgage once construction funding was obtained so the project could complete
It is always a great day when we hear that a borrower has achieved success with the help of Secured Lending.
Secured Lending was approached in May 2020 to assist with funding the purchase of a development site on the New South Wales South Coast. The borrower was an experienced developer who already held approved plans and permits to build a 34-unit residential complex.
Secured Lending took a first mortgage over the site and provided $2.8 million for the anticipated 15-month construction and sale period.
The loan was structured on the understanding that construction finance would later be sourced through a first-tier lender. Once that construction funding was obtained, we transitioned our security to a registered second mortgage over the site and an additional property in the Shire, allowing the project to be completed.
Today the borrower is settling on the sale of the completed development — and we are proud to have helped another Australian business achieve success.
Need development or second mortgage finance?
If you need fast, flexible funding for a development site, or a second mortgage behind your construction facility, Secured Lending can help. Explore our second mortgage finance, or call 1300 795 175 or email info@securedlending.com.au.
Get an indicative offer within hours, not weeks.
No credit check. No obligation.
Why Secured Lending?
Get an indicative offer within hours, not weeks.
No credit check. No obligation.
Why Secured Lending?
