Bank Funding for 27 Townhouse project in Aspley

Red & Co recently settled a construction loan with a BIG 4 Australian Bank for 27 Townhouses in Aspley, Brisbane

Metrics of the deal:

  • The bank lent $7.9 million to build the project
  • LVR of 65% and TDC ratio of 80%
  • Presale debt coverage negotiated to only 50% where most major banks were only willing to fund a project with 100% presale debt coverage
  • Line fee of 1.5%
  • Experienced developer with sound financials meant the banks had higher than average appetite for a deal such as this
  • Project located at the end of a quiet street with a leafy outlook but still close to amenity such as Aspley Hyper Market and Westfield Chermside

If you need your development funded, get in touch with Commercial Finance Manager, Greg Turner at [email protected] or 0417 698 345.   It could save you thousands and the stress of having to negotiate with multiple banks to be certain you are getting the best offer on your finance.