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UPCOMING | COMMERCIAL REAL ESTATE SUMMIT
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Brisbane property developer, Alasdair Baker from
Omira Property Group, knew exactly who he needed to call when he was seeking funding for an 11-unit development.
Mr Baker, had previously turned to development finance specialists,
Development Finance Partners (DFP) for a recent project and didn’t consider other partners for his new development.
“I went back to DFP because I knew I could get the result.,” Mr Baker said.
“I wanted to achieve finance with no pre-sale requirements. I knew there was a fair amount of stock due to come on to the market right after us, so it was important to get construction underway as soon as possible. We wanted to get our stock on to the market before others as much as we could.
“We went with DFP because of the pre-sales side of things in particular.”
The importance of speed when it comes to development can’t be underestimated, and for many experienced developers, bank hurdles are slowing down the process.
Development Finance Partners were able to provide a solution that would allow Baker to get construction underway quickly, providing a funding solution for $3.0million, with no pre-sales and a Loan To Value Ration of 80%.
