Commercial Retail Development – Christchurch

Background

Loan Purpose:

• Provide finance for the construction of an 8-unit retail development in two 4-unit blocks.  
• 63.8% LVR (based on on-completion value)
• The project had 3 pre-leases and one pre-sale. 
• The borrower had equity in the land and contributed some funds towards the project costs.
• Well located retail site with the completed building having a flexible layout with tenancies at a good saleable size and value.