We are delighted to announce that we have settled $23 million in funding at 75% LVR, for a future mixed-use development site, located in the very heart of vibrant Richmond, Victoria. Currently a non-income producing asset, this hybrid site will set the standard of developments within this location. The site will consist of a high-end showroom located on the ground floor, office space, a new hotel with 150 rooms, as well as eight architecturally designed townhomes.
During a time where large financial institutions are not unlocking cash flow easily for developers, we are pleased to have worked closely with our developer partner, to unlock the cashflow they require. “Approving finance with a 75% LVR is not a common trend amongst major lenders. We look at a project from more than just a financial perspective.”, said Anthony Ferraro, Managing Director, Salvest. “It was the asset class that we couldn't say no to and represented all areas of interest that appeals to Salvest.”, he said.
Our developer partner was pleased that we were again able to deliver a funding solution, specific to their requirements, in very little time. We continue to work closely with our developer partner on a variety of their upcoming commercial projects.
Have a non-income producing asset that requires funding? Talk to us to see how we can work with you to gain the funding you require.