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SETTLED - Construction NSW

    Assetline Capital’s facility allowed the borrower to complete the development of a luxury residence in Frenchs Forest, NSW.

    A big bank loan is a no-brainer, right? Lower fees and a well-known name can be extremely alluring, but there's a lot more to seeking finance for a construction project. Many major banks are bound by a large amount of in-house bureaucracy - you're likely to be stuck for months navigating red-tape.

    The borrower had commenced the development of a luxury residence in Frenchs Forest with funding from one of the Big 4 banks. The project was around 65% complete when the bank's lack of involvement in the project caused delays in receiving funds.

    This contributed to a shortfall of $500k for the borrower to reach completion. The borrower had a clear exit plan: to reach completion and refinance into a long-term mortgage, however they weren't able to get additional cooperation from their bank.

    We quickly reviewed the project and assessed the works required to complete, including reviewing the certified works to date. We were able to provide funding and assist the borrower to reach completion - on time and on budget.

    Struggling to work with the majors? We may be able to help.

    The major banks are tightening credit, under pressure from regulators. Private lending is stepping in to fill the void...