The Borrower approached Balmain seeking funding to develop 48 residential allotments which form part of Stage 1 of a newly created estate.
Funding included englobo debt secured against the residual land, which will be converted to subsequent development funding as each stage progresses.
At the time of settlement, presales were not qualifying due to sunset date issues. Balmain agreed to settle the Facility with a Condition Subsequent for the Borrower to extend the sunset date clauses within 45 days of settlement.
Balmain can provide commercial and flexible terms depending on the Borrower’s requirement. For any funding enquiries, please don’t hesitate to get in touch with the above Deal Writer.