Obtaining bank finance for new to bank clients is increasingly rare, and even more so if you have no track record of successful developments in Australia.
When finance advisory firm Development Finance Partners (DFP) were approached to assist a client with that challenge, it was one they were able to solve.
DFP’s client had never completed a development before in Australia so had no track record of success in the local market. There were also some issues with the appointed builder. The builder had recently split form his former business partner as a result of some business issues and had re-formed his business under a new entity.
Using their network of both bank and non-bank relationships, DFP were able to obtain approval for bank funding with a second tier bank.
Initially the bank raised concerns regarding the builders recently business history. However, DFP effectively communicated with the bank and gained trust that the new building entity and it’s sponsor did not have any involvement with the previous.
Ping Hu, Managing Director of Best Living Pty Ltd believes that DFP were an essential partner. “DFP has provided the Bank funding for our first project in Australia, in Devlin St Ryde. In spite of the difficulty and complexity in relation to funding from Banks, a successful result was delivered on time. We would highly recommend DFP.”
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