Finance Advocates recently settled a “land bank” site for a developer who was frustrated with the responses he was receiving from a number of banks and other lenders.
The astute developer purchased a development site in the bayside suburb of Chelsea Victoria on a long term settlement and immediately went to work on reconfiguring the permit which he believed would achieve a much better result not only with the blend of apartments but ultimately the Gross Realisation.
Upon approaching a number of banks and other lenders the responses varied from “not interested in doing land banks” to anywhere between 30% to 50% LVR being the maximum loan amount that could be achieved as the amended permit was still waiting for council approval.
With its 30 years of experience and contacts Finance Advocates was able to source a Mortgage Trust that was happy to take on the land bank on a combination of first and second mortgages to an LVR of 78% which will free up the clients cash resources to concentrate on the sales program of the project and to look at other site acquisitions.
If you’re a developer that needs to “land bank” a site call Renato Sturma at Finance Advocates on 1300 780 196 to discuss your lending requirements under no loan no fee and obligation free basis.
