No Doc Development Loans
In the wake of the 2018 Royal Commission into Banking, many of the major players are tightening their lending criteria and obtaining Development Funding from Banks has become more difficult. As a result, second tier banks, private funders and joint venture funders are increasingly becoming a popular alternative for some developers.
No Doc Development Loans main advantage is generally they do not require pre-sales or financials and are typically far more flexible in their lending criteria.
General facilities are up to 65% GRV (gross realisation value) or to 80% of TDC (total development costs) – with no pre-sales options and stretched Senior Facilities to 75% of GRV & 90% of TDC with minimum 25% pre-sales & acceptable ROI.
Funding is also available for incomplete or partially complete projects and land subdivision.
- Up to 90% of Total Development Costs (TDC)
- Up to 75% of Gross Realisable Value (GRV)
- Rates start from 8% plus establishment and set up fees
- Loan Amounts from $1M to $250M
- Well located projects only
- Flexible pre-sale requirements (including overseas buyers)
- Overseas developers accepted