Land Acquisition And Multi-Duplex Development – Hamilton

Land Acquisition And Multi-Duplex Development – Hamilton
Finance

Loan Amount:

$4,400,000.00

Funding lines

Interest Rate:

7.50% p.a.
Term

Loan Term:

12 Months

Location

Location:

Hamilton, Waikato

Background

Loan Purpose:

  • To acquire the security properties in Queenwood Hamilton and complete a 6-unit duplex development
  • 2 out of the 6 units were pre-sold
  • Development loan with an appointed Quantity Survey to certify monthly drawdowns from
  • development funds held by the lender
  • Interest is 100% capitalised and paid monthly from the interest provision retained in the Lenders Trust Account
  • On-completion LVR after presales = 44.3%
  • Repayment made upon the sale of completed units