Fellow Members,
I am part of a small syndicate that is undertaking an apartment development in Melbourne. Land has been settled and DA has been approved. We are starting to look at various funding options now and I would love to draw on the collective wisdom and experience of this forum.
"As is" and "Project related Site value" and "As If Complete" valuation has been completed by a major valuation firm that should be acceptable to all major lenders and the particulars are (all ex-GST):
Total GRV $15.2 M
Build Cost $8.2 M (turn key, fixed cost)
Loan required $10 M
Net Profit 18% (as calculated by valuer)
Based on above:
1) Who among the majors currently have an appetite for such deals?
2) Any potential second tier and non-bank lenders (including mezzanine if required)
3) Any offshore funding options
Regards and thanks in advance,
I am part of a small syndicate that is undertaking an apartment development in Melbourne. Land has been settled and DA has been approved. We are starting to look at various funding options now and I would love to draw on the collective wisdom and experience of this forum.
"As is" and "Project related Site value" and "As If Complete" valuation has been completed by a major valuation firm that should be acceptable to all major lenders and the particulars are (all ex-GST):
Total GRV $15.2 M
Build Cost $8.2 M (turn key, fixed cost)
Loan required $10 M
Net Profit 18% (as calculated by valuer)
Based on above:
1) Who among the majors currently have an appetite for such deals?
2) Any potential second tier and non-bank lenders (including mezzanine if required)
3) Any offshore funding options
Regards and thanks in advance,