An experienced Developer originally took a $3,500,000, sixteen-month facility to refinance a land loan and fund the construction of five 3×2 townhouses plus interest and fees. The loan was secured by a registered first mortgage over the development site in Tuart Hill at a maximum 60% loan to value ratio.

The Developer has successfully completed several development projects including house and land developments, land subdivisions and built form construction, with a number of other developments underway. The contracted builder has been building quality homes in and around Perth for over 40 years.

The security property comprises of two adjoining lots which were subdivided into 15 individual lots. With titles now issued and the project completed there are six townhouses and nine vacant lots.

The loan was partly settled through sales with the remaining balance rolled over for a further 12 month period at an LVR of <40%. Final settlement was via the sale of remaining units and lots as required.