When you have a clear vision of what you want to build, having a partner who listens, understands and believes in it is everything. From the moment we met this developer, we wanted to help him bring his vision to life.
People can’t fall in love with a luxury apartment off the plan. And for a boutique apartment building that sets new standards for luxury in its interior design and appointments, pre-sales are simply not an option. You need a partner who can see beyond the numbers and believe in the vision.
For us at Assetline Capital, a good deal is so much more than numbers. This construction finance deal in Woollahra NSW is a great example of how we leverage our knowledge and expertise, and provide serious capital with a strong degree of certainty.
The details of the deal
Location
Woollahra, NSW
Loan amount
$16.2 million
Term
27 months
LVR
65%
Purpose
Development of 3 high-end apartments
Product
Construction finance
Type of development
High-end residential apartments
Exit strategy
Sell
They get it. Assetline Capital understands money and finance, but they also understand the process and they live in the real world. They speak every language: they can talk to trades, engineers, council, the tax office, and sift through government policies”
Fred Nasr, Property Developer
We knew this development would be something special when the developer first approached us. He had a clear vision for three luxury apartments, over 23 years’ experience in residential and retail developments, and a fantastic team behind him.
There was clearly a market for his vision, but a traditional lender wouldn’t give him the flexibility he needed to achieve it. Off the plan sales were off the table, as he knew that once people saw the finished product, they would pay a premium. He needed a valuation that wasn’t based purely on data, but also considered the unique aspects of the development.
We arranged capital quickly, so he could focus on getting the development under way. With regular check-ins, full transparency and collaboration, the developer was able to take the time he needed to build a truly exceptional block of luxury apartments, with close attention to the finest details.
The apartments have now set price records for the area, which wouldn’t have happened had the developer had to sell off the plan. But for us, this deal was about more than that – we helped the developer set a new benchmark for quality in a sought-after area.
If you’d like to discuss a construction, bridging or long-term loan scenario with us, please get in touch with our team.
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