Get the finance you need to get your project up and running
There is a growing need for alternative financing with respect to property development lending. The main reason for this is that major lenders such as banks are becoming extremely risk averse in the development space.
The security of the project is not enough and, in many instances, nor is a substantial number of pre-sales with respect to commercial projects. At Simply Funds we can provide financing up to $50M across both residential and commercial projects.
Property development loans relate to finance that is obtained for the construction of multiple properties/dwellings on one title. Lenders split property development into two categories, namely residential and commercial.
Residential property development finance is for smaller developments, usually up to 4 dwellings. The percentage of land and construction costs that can be borrowed will vary depending on the number of dwellings.
Commercial property development loans are for projects that 5 or more dwellings and a minimum loan size of $1 million. Development loans generally offer stages payments including deposit, base, frame, lock up and fixing stage.
Unlike many other alternative financial institutions, we offer loans up to $50 million dollars. This is ideal for property development financing for both residential and commercial dwellings.
Increased regulatory pressure has seen banks take a far more conservative stance on development lending in recent years. Their risk appetite has decreased significantly, and their lending criteria become more complex. Getting an approval can take months and receiving staged payments in a timely matter can be difficult. At Simply Funds, we take a more balanced approach to development loans. Our systems for calculating risk are more flexible with reputation and prior success considered valuable.
We’ll assess your application fast and get you an answer (and the funds you need) quickly. Simply select the amount you're looking to borrow, click on the button below and fill out the form. Our friendly team will respond to your enquiry as soon as possible.
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