A developer spent a considerable amount of time identifying an apartment site within an established suburb.
The site was a former council park and, despite their efforts, the developer was unable to secure development approval prior to settlement. Considering the combination of a development site that had no passing income, and no development approvals, obtaining senior bank funding to acquire the site was not possible.
Dorado focused its review on the viability of the proposed development, and at short notice, delivered a facility for the land settlement that provided a net amount of 65% of the land value, with all interest capitalised. The developer was then able to obtain the appropriate development approvals, complete a pre-sales campaign, and secure a builder. Dorado was then refinanced by a major bank who provided the construction facility.