Funds for 32 lot subdivision in south west Sydney

The client came to Balmain with a DA approved development site for 32 lots. The client needed to settle on the land and was also looking for construction funding, with no presales at that stage.

Balmain stepped in and provided a loan of the land value, covering 100% of the construction costs, contingencies, and council charges. A key condition was that construction had to commence within four months of settlement, with at least six presales secured prior to the first drawdown.

Midway through the excavation, a significant issue came up, resulting in a variation in construction value. This was followed by unexpected remediation costs, and later, more funds were needed at completion due to Sydney Water bonding, an increased SIC levy, and higher council contributions.

Each time a challenge arose, Balmain adapted and modified the loan to keep the project on track. The Borrower managed to secure enough presales to fully cover the debt, completed the project, and repaid the loan just four months after the original end date.

The client was genuinely grateful for the ongoing support from Balmain, which made sure the project got through the finish line.

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