LOW DOC DEVELOPMENT FUNDING

View product matrix below then click on apply if you wish to qualify for this loan and receive a detailed assessment and full cost proposal.

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Low Doc Loans for Development Funding
If you are self employed and you do not have up to date company or personal tax returns then a low doc  loan may be the right solution for your lending needs if you are developing a property.

  • Borrow up to 65% of GRV less GST to 80% of the Total Development Costs (TDC) – Whichever is lesser
  • Stretched Senior Facilities to 75% of GRV & 90% of TDC with pre-sales.
  • Funding is also available for incomplete or partially complete projects and land subdivision.
  • Construction of Residential or Commercial Property
  • Companies and trusts only.

Most construction finance applications are assessed according to the standard process and many of the same documents are required, along with a fully completed documentation which includes:

  • Overview of the project with key metrics summarised
  • Valuation Report and Quantity Surveyor Report if available
  • Copy of the contract of sale (if acquisition).
  • Details (lender and outstanding balance) of any mortgages currently on the property.
  • Feasibility study for the project.
  • Copy of the Development Approval and Building Approval (Construction Certificate)
  • Confirmation of Pre Sales contracts if available
  • Copy of  fixed Price Building Contract  or Confirmation of construction / development costs
  • Details of the proposed builder and a resume of their building experiences
  • Resume of the borrowers development / building experiences
Loan purpose Construction of Residential  or Commercial Property
Loan term 6 months > 2 years.
Interest type Interest only during construction period
Repayment type Interest will be capitalised during construction period within the maximum LVR’s
Residual stock options Yes
Take-out options Yes
Maximum Loan to 65% of GRV in high population areas (Capital Cities and Major Regional Towns Only)

Stretched Senior Facilities to 75% of GRV & 90% of TDC with pre-sales.

Credit history Past credit impairment can be considered if over 2 years at higher rates and fees
Minimum loan size $2,000,000 (see construction loan page for smaller loans)
Maximum loan sizes $250,000,000
Acceptable Applicants Companies and Trusts
Contingency Cost to Complete basis that includes a 5% contingency. This will be advanced progressively following ongoing Valuer / Quantity Surveyor inspections.
Pre-Sales with or without presales
Current Mortgage Arrears in last 6 months NO
Land Component maximum LVR Up to a maximum of 65% of the project related site value. 100% of the development costs are retained on a cost to complete basis
APPLY FOR THIS LOAN

*Interest Rates: All rates are subject to change without notice. Please check all rates and terms before applying.
Low Doc loans are designed for the self-employed or small company borrower/s whose financial statements may not be available. Reasons for this may encompass: Their accountant hasn’t completed and lodged their financials.