Finance Advocates is pleased to share its latest funding package that just settled for one of its developer clients which was an $18m loan facility for a land Sub Division in Stage 1 plus an additional super lot in Armstrong Creek.
Working closely with the clients, who had limited development experience since the purchase of the site some 18 months earlier Finance Advocates has assisted the client navigate the Covid period where a funding for development projects was extremely difficult to obtain and saw a number of lenders retreat from the market. Advice and guidance was also provided throughout the valuation and QS process. The end result was a loan facility which equated to a whopping 80% of the Gross Realisation net of GST and all with less than 100% debt coverage.
The stretched loan facility has now allowed the clients to bring forward their plans to commence the subdivision on the Super Lot something they were extremely keen to do given the level of demand for residential home blocks in this suburb and also has now freed up their capital to allow them to negotiate the purchase of a neighbouring parcel of land for future subdivision which they though may have been out of their reach.
So if you’re a property developer big or small that’s looking for a finance consultant that can obtain more than just a great finance package call Renato Sturma on 1300 780 196 or 0438 600 838 now to discuss your requirements
