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