INCOMPLETE PROJECT & BRIDGING FINANCEOur client was apparently advised by NAB to commence construction and seek finance when he had expended most of his funds. When he approached the bank the loan manager had moved on and NAB declined to assist.
The introducing broker submitted a proposal to a private lender and they were dragging their feet and it was become increasingly difficult for the developer.
We were asked to provide an URGENT short term bridging facility for 3 months to keep construction progressing.
We approved and funded via one of our private investors the bridging finance required to keep the project moving in a matter of days.
It also became apparent that the private lender that our client was talking to could not deliver, so we arranged the refinance and construction facility to complete the project through one of our investors.
* Facility Amount:$2,700,000