Your Next Development Opportunity ?
Looking for a Development with Flexible Purchase Terms ???
…... well look no further at this SHOVEL READY, FINANCE APPROVED, 44 x UNIT DEVELOPMENT SITE, located in Mount Gravatt East, QLD.
While in the process of shopping around for exit strategy options for his 44 x (2 bedroom) unit development, a local developer put his deal up to us to see what sort of 'non-bank' funding we might be able to secure for any potential buyers of the site, given the well-publicised 'over-supply of units' in the current Brisbane marketplace. Needless to say our response was swift and decisive, and within 24 hours we had a conditional approval for $12.4M of construction finance available for the proposed development.
Importantly, one of the key terms of our offer is a reduced level of pre-sales, this being only 15 x units in total, from of a total yield of 44 units, representing a dollar amount of $7.5M in total (assuming Inc. GST based sales), and around 'one third of total project debt'.
Please note: The required equity requirement for this proposal is around 26% of total project cost, as based on an estimated total project cost of $16.7M ex GST, and which of course the Vendor may be able to assist in reducing, by providing any incoming purchaser with a 'structured' land purchase.
So, if you are interested in this opportunity, or know someone who may also be interested in this project, we can provide you with an introduction to the Vendor and also further details on our current funding offer.
For a confidential discussion please call Gary at Viking Capital on 0438 331 116 if you have any interest.