3-Unit Industrial Warehouse Development – Bay Of Plenty

Background

Loan Purpose:

• Provide development finance for construction of 3 industrial units in Tauriko, Tauranga.
• 63% LVR (based on on-completion value).
• 100% of fees and interest costs provisioned within the loan amount.
• The fixed price construction contract with a well-established Tauranga-based builder.
• The client had a good track record of development experience.
• No pre-sales were required however client had to commit to marketing the completed warehouses immediately. All 3 units sold during the loan term.