When the construction lender has pulled out or the builder has gone under, we can fund the works to completion, secured against the site, so you can sell or refinance a finished asset.
A part-built project is the hardest asset to fund. Banks will not lend on it, the original construction lender may have withdrawn or run out of facility, and the builder may have failed. Meanwhile holding costs run and the site loses value the longer it sits.
We fund the works needed to reach completion, secured by a mortgage over the site, with the loan drawn against progress and interest added to the facility. The exit is the sale of the completed stock or a refinance to a bank once there is a finished, valued asset to lend against.
We lend Australia-wide, with most of our loans secured in metropolitan New South Wales, Victoria and Queensland.
The facility has expired or been cancelled with the build part-way through.
A new builder is lined up and needs funding to take over and finish.
The project is close, but the remaining works are unfunded.
We are not a replacement for your bank. We are the lender you use when the bank’s timeframe or template does not fit the situation, and the loan is written to hand you back to the bank when it does. Rates are indicative and subject to valuation, due diligence and formal approval.
| Feature | Verified Capital | A bank |
|---|---|---|
| Decision | Indicative terms within 24 hours | Weeks, often months |
| Assessed on | The property, the purpose and the exit | Financials, trading history and lending policy |
| Borrowers | SMEs, companies, trusts and investors | Consumers and businesses |
| Loan term | 1 to 24 months | Long term |
| Paperwork | Short, specific to the deal | Full application and ongoing covenants |
| Who you deal with | The people who assess, approve and fund | Relationship managers and a credit committee |
| Rates and fees | Every rate and fee set out upfront in the letter of offer | Lower rate if the business qualifies |
Tell us about the property, the amount you need, the purpose and how the loan will be repaid. Your broker can submit on your behalf.
If the scenario fits, we issue a letter of offer within 24 hours with every rate and fee set out upfront.
We instruct an independent valuation and complete our credit and title checks.
Our solicitors prepare the documents and we settle on your timeframe, then stay your point of contact through to repayment.
1st mortgageSettledA Gold Coast developer’s construction lender withdrew with a twelve-townhouse project 70% complete and the builder in liquidation. We funded completion with a replacement builder, drawn against progress. Repaid from the sale of the first six units.
Send us the details and we will come back to you within 24 hours.
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