$3.2M Construction Loan | No Valuation | No QS Required

 

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

Loan Summary

• Purpose: A Borrower required funding to complete the construction of six standalone homes in West Auckland
• Security: An unencumbered 805sqm site (to be developed)
• Amount:  $3,200,000
• Rate: 8.95% and NO Line Fee
• Term: 12 months
• LVR: 61% on completion

 

The Challenge:

An experienced developer needed fast and flexible construction funding to assist with a subdivision and construction of six new builds in Massey.  They wanted to keep things as quick, easy, and as cheap as possible.  

 

The Cressida Solution:

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

• Funding drawn in multiple tranches, based on predetermined milestones

• No early repayment fees

• No registered valuation required

• No Quantity Surveyor requirement

• 100% capitalised interest to reduce monthly servicing costs

 

The Result:

Cressida was able to meet the needs of the Borrower and provide a fast and flexible solution.

 

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