Residential Land Subdivision – Upper Hutt

Residential Land Subdivision – Upper Hutt
Finance

Loan Amount:

$7,100,000.00

Funding lines

Interest Rate:

8.50% p.a.
Term

Loan Term:

12 Months

Location

Location:

Upper Hutt

Background

Loan Purpose:

  • To refinance existing loan and further development funding for completion of a 31-lot subdivision civil works and construction of 3 speculative houses in Whitemans Valley, Upper Hutt
  • Borrower is an established and volume housebuilder company
  • Pre-sales included 10 unconditional, 7 conditional and 6 held in reserve prior to settlement
  • 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 lender’s Trust Account
  • LVR with presales = 49.22%
  • Repayment made from net sale proceeds of the completed lots