Flexible Funding for the Next Stage

This week’s Deal of the Week highlights how Cressida can provide a flexible funding solution when an existing loan is approaching maturity and the borrower’s plans are evolving.

The Scenario

The client’s existing loan was approaching maturity, and the incumbent lender was unable to extend the facility given the property’s development plans.

Resource consent had been approved, with the client intending to progress the site for development once full consenting was achieved. The client therefore needed a lender who could provide certainty of funding now, while also understanding and supporting the longer-term development strategy.

The Solution

Cressida provided a $3 million, 12 month facility, allowing the client to refinance the existing lender and secure additional time to progress the consenting and development plans.

The facility was structured with the flexibility required to support the client through this transition, while providing a clear pathway towards the future development of the site.

Loan Summary

Loan Amount: $3,000,000

Term: 12 months

Interest Rate: 7.95% p.a.

Finance Fee: 1.50%

Security: 2,000 sqm site with a substantial house

Why Cressida?

Development plans don’t always fit neatly within a standard lending timeline. At Cressida, we take the time to understand the borrower’s broader strategy and structure funding around where the project is heading, not just where it is today.

Need funding that can adapt as your plans progress? Talk to the Cressida team.