Development Finance- 4 units

The applicant, a registered builder was looking to construct 4 townhouses in a metropolitan Brisbane suburb. A construction loan of $1,920,000 was sought by the applicant who intended retain ownership of the prosperities for investment and rent them out on completion. A building contract had been entered into for $1,300,000 to construct on land valued at $1,100,000 that had an existing mortgage of $250,000 in place.

Solution: Loan was approved and construction project funded by La Trobe Financial under our development Finance with no further ash input from the applicants and no-pre-sale requirement, allowing the developer to hold the stock on completion. Subsequently, a pre-approval was provided for the residual stock facility at the initial application stage