Industrial Subdivision And Hospitality Build – Cromwell

Industrial Subdivision And Hospitality Build – Cromwell
Finance

Loan Amount:

$5,075,000.00

Funding lines

Interest Rate:

8.50% p.a.
Term

Loan Term:

12 Months

Location

Location:

Cromwell, Otago

Background

Loan Purpose:

  • To purchase and settle a property in Cromwell town and facilitate completion of a 42-lot industrial subdivision
  • Development loan with an appointed Quantity Survey to certify monthly drawdowns from the development fund
  • Resource Consent obtained
  • Pre-sales achieved for 100% debt cover
  • Interest is 100% capitalised and paid monthly from the interest provision retained in the Trust Account
  • LVR at any time throughout the development = not higher than 40%
  • Repayment made by the sale of the industrial lots prior to loan maturity