$2.8M Construction Loan | 40% LVR | No Valuation Required

This week’s Deal of the Week highlights how Cressida can keep things simple – even for development loans.

Loan Summary

• Purpose: An experienced developer required funding to complete the construction of 8 new homes in West Auckland
• Security: An unencumbered 1,200sqm site
• Loan Amount: $2,800,000
• Interest Rate: 8.85% and No Line Fee
• Term: 12 months
• LVR: 40% on completion

The Challenge:

An experienced developer needed fast and flexible construction funding to assist with a subdivision and construction of eight new builds in Massey.

They had self-funded the development to ‘roof on’ stage and wanted to keep things as quick, easy, and as competitively priced as possible.

The Cressida Solution:

Cressida was able to tick all of the Borrower’s requirements.

• Funding drawn in only four tranches, based on predetermined milestones
• No early repayment fees
• No registered valuation required
• No Quantity Surveyor required
• 100% capitalised interest to reduce monthly servicing costs

The Result:

If you’re seeking flexible residential property finance outside the traditional bank model, we’d love to hear from you.