March Lending Special
This month the emerging trend of cheaper 'non-bank' construction loans for Property Developers, (and referring Brokers), has gathered more steam and so we remain vigilantly 'on the lookout' for shovel ready projects in Sydney, Melbourne & S/E QLD, as we can offer to Borrowers some of the best rates seen for some time. In particular one of our associated Fund Managers is offering construction money at the following indicative and previously unheard-of market rate of:
* Flat Rate @ 5% (applies only to actual funds drawn)
* Line Fee @ 2%
* Lender Loan Est. Fee @ 1.3%
* Max 55% LVR & Loans Amounts up to $5.5M & Zero Presales
Generally speaking most of the active Fund Managers looking for construction deals remain negotiable with any loan costs and some in particular are hungry to fund 'larger $5M Plus projects', so there is plenty of interest and support out there to fund construction projects.
As a good example of how the market is tracking we have just this week secured and EOI for a $9M townhouse development located in Ipswich, with the relevant Fund Manager keen to get their funding out into the market as soon as possible.