The borrower, whilst a prime bank client, unfortunately, was not an experienced developer the LVR increased beyond their financial capacity and was leveraged at 90% of costs. Having a quality builder, 25%+ pre-sales sold at fair value market pricing, they were ready for immediate construction.
ACMF successfully arranged a structured construction loan in Melbourne with 2 other lenders ahead of ACMF. Like all construction loans, ACMF monitors each development reporting back to the stakeholders. The key here was simply a quality builder, strong presales at valuation.
The project was completed and sold successfully.
Burwood VIC
2017
Construction Loan
$10,100,000
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