$1.72M Development Bridge | Bank Refinance & Flexible Build Draws

We recently approved a $1.72M facility to refinance existing bank debt and provide tailored construction funding to complete a 6-dwelling residential development in South Auckland.

Loan Summary

• Amount: $1,720,000 (including capitalised interest and fees)
• Rate: 7.95% p.a.
• Term: 12 months (Fully capitalised interest)
• Security: First registered mortgage over 6 residential dwellings
• Structure: $1,120,000 initial drawdown (bank refinance and equity release) + $400,000 tailored further advances for completion of construction work

The Challenge

The developer needed to refinance an existing Westpac facility while securing ongoing construction cash flow to take 6 residential dwellings through to physical completion and sell-down. Standard construction loans often enforce rigid, fixed draw schedules that don’t match real-world build rhythms.

The Cressida Solution

• Tailored Construction Drawdowns: Instead of forcing rigid payment schedules, the final $400K in further advances was structured with complete flexibility to align directly with the builder’s actual project cash flow and milestone needs.
• In-House Valuation Assessment: Established fair market value internally without requiring a full formal valuation report.
• No Quantity Surveyor Required: Managed construction progress via simple, agreed milestone claims—saving time and fees.
• Zero Early Repayment Fees: Total flexibility to repay the facility early as individual units are sold down.

The Result

A $1.72M facility that provided the exact liquidity and flexible runway needed refinance existing debt and finish construction. The developer can now complete the build on their own terms and market the properties for sale.

At Cressida, we deliver practical funding when traditional lenders can’t.

Need flexible construction drawdowns? Let’s talk.