The Situation
The client optioned 3 properties in Sydney’s North Shore and was receiving a funding facility with a major bank two months prior to settlement. 7 days before settlement the client was informed by the bank that the settlement deadline would not be met. When the clients came to NWC, they were already under a Notice to Complete and urgently needed to settle within 3 days. If the client did not settle, they stood to lose their deposit, all the funds used to obtain a DA approval and any development profit.
The Solution
NWC Finance was able to indicatively approve the transaction within 1 hour of receiving the application. Clients executed all relevant documentation on the same day as receiving the application.
The Outcome
Within 2 days of the initial application, NWC Finance secured their position via 3 registered first mortgages allowing the client to meet their settlement deadline.
The client refinanced after a week to the intended major bank facility once they were ready.
The client was able to successfully complete their development and realise a substantial profit.