Finance Advocates recently settled a \u201cland bank\u201d site for a developer who was frustrated with the responses he was receiving from a number of banks and other lenders.<\/p>\n
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.<\/p>\n
Upon approaching a number of banks and other lenders the responses varied from \u201cnot interested in doing land banks\u201d 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.<\/p>\n
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.<\/p>\n
If you\u2019re a developer that needs to \u201cland bank\u201d 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.<\/p>\n","protected":false},"excerpt":{"rendered":"
Finance Advocates recently settled a \u201cland bank\u201d 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 […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-44","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t