Residential Townhouse Development – South Auckland

Background

Loan Purpose:

• To refinance debt against the property at Conifer Grove, Auckland, and fund construction of four townhouses on the site
• Capable experienced developer
• Development included demolishing existing dwellings and completing construction on townhouses as above
• Resource Consent and Building Consent had been issued
• Interest payments are 100% capitalized
• On-Completion LVR = 65.5%
• Repayment will be made upon settlement of sales of completed townhouses.