Lightspeed Mortgage Management are truly excited to offer the following for Developers with regards to finance
Our respective firms have secured funds specifically for Developers who are seeking an alternative to traditional banking funds.
They will fund on a 1st mortgage basis.
- Interest rate – 6.00% (POA)
- Presales – at least 30% of debt cover
- Loan sizes - $6,000,000+
- Project Locations – anywhere considered
- Project Types – any construction transactions except for land subdivisions
- LVR – they can fund to 95% of the total development costs at 1st mortgage rates
- Establishment fees – 1.25% of the loan amount*
- Line Fees may apply
- Valuations are required
- Quantity Surveyors reports are required
- Funding is advanced in AUD and repaid in AUD.
- Provide a minimum of $1M worth of materials to the project to our client funder (Sample project build price Circa $5M+)
- Our Private Lender is a significant building supplies company
- It is expected that material for your project would be sourced via our client for the purpose of funding
- Materials will meet strict Australian Standards
- Savings are anticipated on material costs of the project funded
- The builder, engineers and supply company will negotiate what materials can be supplied to each transaction
Our funding provides developers with the opportunity to seek a structured finance facility which would traditionally be a 1st and 2nd mortgage on a 1st mortgage basis only.
Added to that is the reduced amount of presales required to enable the project to begin.
This will provide developers with huge interest cost savings and enable projects to get underway quicker as the developer doesn't need to satisfy senior and junior debt facilities or meet onerous presale hurdle requirements.
Please e-mail us at firstname.lastname@example.org to move forward with the application or call us directly at 1300 133 406.