Residential Development Solutions
ME Bank is an experienced and flexible lender when it comes to residential development finance. We offer a range of competitive solutions to suit single dwelling owner builders right through to multi level apartment developments.
Our property specialists consider your individual needs when structuring your finance solution, for example determining an appropriate level of pre-sales based upon the nature of the transaction.
Example Solution: Standard Residential Development
Phillip & Jones purchased a run down half acre property adjoining a park five years ago and currently owes $100,000 to ABC Bank against the property. They subdivide the land, bulldozes the house and builds three townhouses on the property, cleverly sighting them to take in views of the park. The land is valued at $400,000 and the development costs are $700,000. The partnership plans to sell all three townhouses upon completion for $450,000 each.
Example Solution: Multi Apartment Development
Smythe, West and Mortenson Property Pty Ltd own a dilapidated warehouse in an industrial inner city area. The land is rezoned, cleared and the property is subdivided into 12 fully serviced residential lots. Their intention is to sell 3 of the lots as vacant land to generate income to develop the remaining lots. Nine units will be constructed on the remaining lots, of which five are to be sold off the plan.
Fees and charges apply. Terms and conditions available on request. Applications are subject to credit approval.
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Sat: 9am - 5pm (EST)Business Ph 1300 658 108 ME Business Contact Centre open
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