4,000sqm North Auckland development land purchase
Six months interest-only
A client was looking to purchase 4,000 sqm of land that included a vacant house, as a site for a future development. Even though she had 40% of the equity required, no trading bank would back her as the bulk of her income was sourced offshore.
Global Pacific negotiated a six-month loan facility that allowed the client sufficient time to gain building consent. (Resource consent had already been provided as part of the land purchase).
Because the client was an experienced developer with a solid exit plan, we were able to market the opportunity to a private investor who funded the mortgage on a security lend for six months on interest-only terms, with minimal pre-conditions.