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23 Mar Agricultural Funding Success Story 8 – March 2022
Client Position
Client had purchased a put / call option on two properties in Sydney that were close to maturing. With the uplift in construction costs, they realised that they would need a higher LVR than the standard 65% of GRV. Time was pressing to complete. It was their first construction project which meant they did not have a historical record of success in construction.
RSP Outcome
RSP packaged the feasibility, funding table and prefunding matrix to a reputable non-bank lender that had appetite for the transaction. RSP, lender and the client all worked through the various credit hurdles to garner a successful outcome and settlement. Clients are now well on their way with their first construction project in Sydney.
Metrics
Purpose: Property acquisition and construction
LVR: up to 75% on GRV
Loan Amount: $9.65m
Term: 18 months
Lender: Private Lender
Presales: Not required
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