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