I'm involved in a 200+ allotment lifestyle land division in South Australia & wondering if anyone can give me some ideas about where to turn for finance (or a joint venture partner) to complete the civil works for the first part of the sub division.
The land is freehold & requires around $3.5m to complete the first state of civil works (approx 5 months of work). At this stage presales cover approx. 85% of this amount & more presales will be achieved between now & completion of the civil works. "As is" valuation of the site is $10m & GRV approx $17m. Big profits will come down the track once the initial funding can be kicked off.
A major bank was ready to fund, but won't go ahead without 100% presales clearance of the debt.
OS reports completed, civil contracts in place & registered valuation available.
We are happy to consider funding offers (at 12% pa), joint venturer or a combo. 1st mortgage security available. A loan term of 12 mths would be required.
Any suggestions?
The land is freehold & requires around $3.5m to complete the first state of civil works (approx 5 months of work). At this stage presales cover approx. 85% of this amount & more presales will be achieved between now & completion of the civil works. "As is" valuation of the site is $10m & GRV approx $17m. Big profits will come down the track once the initial funding can be kicked off.
A major bank was ready to fund, but won't go ahead without 100% presales clearance of the debt.
OS reports completed, civil contracts in place & registered valuation available.
We are happy to consider funding offers (at 12% pa), joint venturer or a combo. 1st mortgage security available. A loan term of 12 mths would be required.
Any suggestions?
