Development Finance – Another Success Story
It’s always a great day when we hear news of a Borrower achieving success with the help of Secured Lending providing Development Finance.
Secured Lending were approached back in May 2020 to assist with funding for the purchase of a development site located in South Coast NSW. The Borrower is an experienced developer and had approved plans and permits to build a 34 unit residential complex.
Secured Lending took a first mortgage security over the site, providing $2.8M for the anticipated 15 months for construction and sale.
The loan had been structured with the understanding that construction finance would be sought through a first tier Lender. As such, once construction funding was obtained, we had transitioned our security to a registered second mortgage position over the site and a property in the Shire to allow the completion of the project.
Today the Borrower is settling on the sale of the completed development, and we are excited to help another Australian business achieve success!