A developer was finalising a development application for an integrated medical facility and childcare centre.
As the developer had a relatively limited track record and was yet to secure any pre-sales for the medical facility, senior bank funding was not a viable option to assist with the settlement of the site in an outer suburb of Melbourne.
Dorado undertook a review of the project and, being located within a key growth corridor which has seen both considerable population growth and residential development in recent years, recognised its potential. Following our comprehensive due diligence process, Dorado assessed the project’s viability and drew upon our previous funding experience within the healthcare and childcare sectors to provide first mortgage funding to the developer.
This enabled the developer to settle the site. They have since progressed the development application and are currently seeking tenders from builders for the project’s construction.