Residential Apartment Development – West Auckland

Finance

Loan Amount:

$4,280,000.00

Funding lines

Interest Rate:

8.00% p.a.
Term

Loan Term:

12 Months

Location

Location:

Glen Eden, Auckland

Background

Loan Purpose:

  • To refinance the existing land loan, complete work to acquire building consents and then construct 10 apartments on the site in Glen Eden, Auckland
  • Development loan which includes certified drawdowns by a third-party Quantity Surveyor
  • Interest was 50% capitalized with the remainder 50% of interest paid by the borrower
  • Pre-sales of apartments prior to construction
    On-completion LVR = 59%
  • Repayment made from the sale of the completed units