Construction funding for four-home South Auckland project
Finbase provided a circa $1.6 million construction facility secured by first mortgage, to support the completion of four residential dwellings on a freehold site in South Auckland.
The borrower was an experienced developer with a track record of completing similar residential projects. All required consents were in place, with funding required to progress the project through
The requirement
The borrower required a short-term construction facility to complete four homes on the site.
The project was supported by a first mortgage security, with the facility structured over a nine-month term. The agreed exit strategy was the sale of the completed dwellings.
The outcome
The project has since been completed and the facility has been repaid.
This case study reflects Finbase’s ability to support experienced borrowers and adviser-originated construction opportunities where the project fundamentals, security position, and repayment pathway are clearly defined.
Key details
Facility type: First mortgage construction facility
Loan amount: Circa $1.6 million
Location: South Auckland
Security: Freehold residential development site
Project: Four residential dwellings
Term: Nine months
Purpose: Construction completion funding
Exit: Sale of completed dwellings
Status: Completed and repaid
