Residential Apartment Development – West 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