We are your finance experts for property development
Every developer needs a specialised architect, town planner, builder and finance broker.
As an expert on your side, we ensure lending institutions understand your transaction. We can tailor to your needs regardless of the size or complexity of the project. We have strong relationships with our underwriters, major banks, financial institutions and private funds.
For further details, see our property development portfolio.
Key Areas of Assessment
Obtaining the right solution can make a difference between getting the project off the ground and staying on the drawing board. We want to ensure you are bank ready
Each lender has its own lending criteria including,
- Your experience in property development
- The strength of your financial position
- Your project management capabilities
- Feasibility of your project
- Ensuring your team of consultants will be in sync with the banks requirements
Land sub-division loans
Land sub-division loans are designed to assist land owners in dividing their land to smaller allotments for on sale
Sub-division of land can be as simple as splitting a residential block of land into 2 titles through to the complex funding of the subdivision and civil works of a large parcel of land.
Case studies
In Development Finance, it is important to find a balance between banks requirement of a 100 per cent preselling and developers needs. Below are case studies on selected projects we have on our books.
5 Luxury Apartments in Toorak – 1 presale
Our client owns an owner occupied property and used the equity of his place of residence. He demolished his own house and established a commercial loan of $6,000,000 to build 5 luxury apartments.
The client then value the project at $4,000,000 and we were able to arrange 100 per cent in finance to meet the build cost and interest.
We managed to obtain this development loan with only 1 presale. This was a big win for our developer client who is able to commence construction relatively quickly in further presales.
17 Apartments in North Melbourne
Client had a loan of $4,000,000 to refinance the land loan, weekly build cost, contingency council contribution fee and capitalised interest.
This loan was lower than 65 per cent of the end sales value excluding GST and 75 per cent of development cost. The bank’s approval includes pre sales of $3,000,000 or 75 per cent of the loan.
5 Units Developments in Highett
Client required a loan of $1,300,000 to develop 5 apartments in Highett. The loan was used to finance 100 per cent of the build cost, meet any contingencies and pay interest accrued during the development.
Client testimonial
Rammed Earth Pty Ltd
Over the years we have dealt with numerous Brokers, most banks to varying degrees, and several finance companies, here in W.A. The quality of their services and response times varied, but always lacked urgency and punctuality.
Our latest development is a multi-storey complex of eight large apartments which were ready to go when the GFC hit, and all banks ran for cover. Local brokers could not, or would not, go the extra distance required to win the business. We even approached several international banks that, despite their interest, were not able to access our market because of Australian banking regulations.
A contact over here then suggested we try Mr Grant Rheuben in Melbourne. Grant proved to be a pleasure to deal with; understood exactly what was required, has very good contacts throughout the Finance Industry, and quickly re-assembled our proposal into a more digestible format for bankers.
Grant then pursued the presentation and persisted at every level almost daily, until the bankers understood and accepted our proposal. His tenacity and reliability is beyond admirable, and is certainly above any level experienced here in Western Australia!
His entire dealings have been up-front and clear, his manner was consistent, service was unyielding, and I personally found him to be a rock in these turbulent times. He secured the necessary finances, and as an indication of our gratitude and appreciation was paid first, and in full.
However, the story didn’t end there! Within a few weeks of working with the bank, unexpected problems and questions were raised by the banks next layer of management, questions which delayed and frustrated us…but Grant stepped back in and within a few days had the bank back in-step with requirements.
Our project is now under way, and I can honestly say it would NOT have happened if we had not had Grant on our side. I have no hesitation whatsoever in recommending Grant Rheuben or his company, and in future will not ever waste time and efforts using anyone else.
Roman Antoniuk
