Development Site Finance
Red & Co recently assisted in funding a development site acquisition for an experienced local developer.
We first got in contact with this client in March 2018, when at that point they were contacting all the banks themselves to fund the site. Ultimately however, the banks spent 3 months of our client’s time without ever committing to the deal. A valuation was even completed and assigned exclusively, at cost to the client! Red & Co. stepped in at the last minute with a solution which ultimately secured the site for the developer.
Deal metrics as follows:
Purchase Price: $1,500,000 (approx)
Debt amount: Circa $1,000,000
Lender: Specialist non-bank property lender
Facility type: Low Doc – perfectly suited for a developer income structure
Settlement time-frame: < 4 weeks from initial Red & Co. Mandate. We pulled out all stops to ensure we and the lender met the client’s tight settlement deadline.
If you’d like to speak to one of Australia’s most highly regarded commercial brokerage houses, get in contact with one of our team. Greg Turner, 0417 698 345 , [email protected] or Max Laverty on 0488 707 164 or [email protected].