Simple, Flexible Funding for a Half-Built Development

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

Loan Summary

• Purpose: Construction funding to complete three townhouses in St Johns, Auckland.

• LVR: 50% on completion

• Loan Amount: $2,000,000

• Term: 12 months

• Security: An unencumbered site, with construction progressed to the roofing stage.

The Challenge

An experienced developer needed fast and flexible construction funding half-way through the build, as well as an equity release to fund preliminary costs for another development project.

The developer also wanted a facility that allowed sufficient time to sell the completed units without incurring an additional refinance fee.

The Cressida Solution

• Competitive pricing for the low LVR

• No registered valuation required

• No Quantity Surveyor required

• 100% capitalised interest to reduce monthly servicing costs

• No early repayment fees

The Result

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