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The Situation

The borrower required urgent finance to assist with the completion of a 20-townhouse project located in Melbourne. The project was running over the projected construction timeline and an investor required funds for another project. At the time our client utilised funds they had on hand to pay out the partner. However, as the project was nearing completion, the pay out had depleted the clients cashflow, putting a hold on the project. The borrower could not secure funding from other lenders due to the urgency and nature of the funds required. The clients required the funds within 8 days.

The Solution

NWC Finance identified the gap between funding and the real value in the completed project. NWC Finance successfully assisted by paying out the encumbered lender and advancing funds to complete the project via a progress drawdown facility within 6 days of receiving the application.

The Outcome

The borrower was able to complete the project, gain Occupational Certificates and settle on their pre-sales after 3 months. As settlement occurred the sales proceeds were used to reduce the debt until the clients refinanced the remaining unsold stock into a residual stock facility with a tier one lender.