As the construction industry is weathering the perfect storm, can you rely on your current Construction lenders to be there to finish off the project?
Over the last month, we have seen a significant uptick in the amount of Construction Lenders pulling out of part complete developments leaving borrowers in a state of uncertainty and without the necessary funds needed to complete their projects.
We were approached by a client in that exact predicament. The development was at Frame stage and the existing lenders were not willing to advance any further funds to complete the project. Secured Lending were able to provide a $900k facility which allowed for the refinance of the existing mortgage, payment to the builder for outstanding costs and a drawdown facility for completion of works.
Our team understand the short-term pinch being felt by the construction industry and are continuing to provide solutions for part complete developments to our customers.