$3.3M Future Development Site | 90% Funding | No Valuation Required

An experienced central Auckland builder spotted their next development site while their current project was in its final internal fit-out. We provided a cross-secured facility to lock in their next purchase without waiting to achieve Final Inspection on their current project.

Loan Summary

• Amount: $3,300,000 + capitalised interest and fees
• Borrower: Company
• Rate: 7.95% p.a. + fees
• Term: 12 months (Fully capitalised)
• LVR: 67% overall across both securities

The Challenge:

The builder needed to act fast on a prime development site, but capital was tied up in their current project. Other lenders refused to release equity until issuance of the Final Inspection Certificate.

The Cressida Solution:

• 90% Site Purchase Funding: Cross-secured LVR of 67%.
• In-House Assessment: The primary security was a Work in Progress, yet no registered valuation required.
• Capitalised Finance costs and no Early Repayment Fees: Cash flow was protected with zero interest payments during the build and full flexibility to exit early upon sale.

The Result:

A $3.3M facility enabling the builder to secure their next pipeline site instantly while finishing their current build at their own pace.

Need a flexible facility? Let’s talk.