1 March 2019
Hunter Valley, NSW
An existing Land Developer client approached us to refinance a loan against their DA approved site to enable the development of the first 60 lots of a 500+ lot development.
The Brokerage arranged funding through a private lender, refinancing a $4.5m facility and obtaining a $2.75m equity release to complete the lots.
Presales were less than 20% at the time of funding however now that civil works have commenced the first release is substantially presold.
We also negotiated terms with the lender to recycle the sales proceeds from the first stage in to the development of the future stages provided that predetermined gearing ratios are met.