Development funding for Self Employed Builder
Red & Co was recently approached to source and structure debt for a self employed developer builder. Whilst previously holding a well paid PAYG position in a large building company, the borrower had recently decided to go into business on his own. This presented servicing challenges for both bank and non bank lenders. Red & Co was able to work with a private lender to fund the project:
- The project was a luxury house build on a Gold Coast Canal Estate
- End value of $2 million
- The land was owned outright
- Build time of circa 12 months
- Capitalised interest and loan fees
In addition to the above, Red & Co. was able to secure additional funds for the client from the same lender as a deposit on their next Gold Coast Project.
If you want to speak to a Finance team that can obtain funding solutions for your next project, feel free to get in contact with either Greg Turner on 0417 698 345 [email protected] or Max Laverty on 0488 707 164 [email protected].