I'm sharing a recent success story with one of my clients who just settled their Development Finance project in Lower Templestowe VIC last week.

The clients needed to refinance and fund the construction of four townhouses in Lower Templestowe, with a Net Realizable Value (NRV) of $5.05 million. The property is owned by their company, and it’ll be built by a local builder.

Quick rundown of the project:
Construction Costs: $2.03 million (ex GST), managed by a reputable local builder.
- Land Value: $1.23 million (ex GST), with an outstanding loan balance of $1 million.
- Loan Terms: We secured a 17-month loan term with interest capitalised, allowing the project to proceed smoothly without the need for pre-sales.
- Funding: We locked in a total loan amount of $3.28 million, which is 65% of the NRV.

Now, with the finance in place obtained by Forward Finance Group, they’re all set to finish their ambitious development and look forward to selling all the units once they're done.

Article written by:

Mark Lai / Director / Finance Broker