Walk-up Apartment Block
Mt Wellington – First-time Developers
When Mohammed and Shelina Sharif looked at their young family, they could see the opportunities ahead – creating stability, building wealth, and setting up a strong foundation for the years to come. They had already established a couple of rental properties, and the natural next step was to scale up. That’s when the vision of developing a nine-unit “walk-up” apartment block in Mt Wellington began to take shape. A project that could accelerate their growth and open the door to long-term financial security.
At first, it felt like a natural progression. The numbers stacked up, and they believed the project could work. But as Mohammed later admitted, “We underestimated how quickly doors can close when you don’t fit the mould.” One lender after another pointed to their lack of development experience, the risky typology of walk-up apartments, and the ever-present spectre of cost blowouts. After weeks of rejection, they began to wonder if the project would ever get off the ground.
Just as they were about to walk away, a trusted adviser suggested speaking to ASAP Finance. That conversation shifted everything.
Looking at it differently
“ASAP approached the deal with a different lens. Rather than dismissing it outright, they pulled the project apart and asked, ‘How could this work?’”
They sat down with the builder and went through the budget line by line, testing assumptions, challenging numbers, and ensuring realistic contingencies were built in. They spotted a hidden roadblock straight away – a drainage plan that required access across the neighbour’s land. “If that wasn’t solved upfront, it would have blown the programme apart,” Mohammed recalls. “ASAP made sure it was sorted before anything else.”
With Building Consent still pending, ASAP suggested a staged funding approach: a short-term facility to fund enabling works like drainage, earthworks and civils, followed by a full construction loan once consent was issued. It was a structure that gave the Sharifs the ability to keep momentum on-site rather than waiting idly.
Hands-on involvement
What stood out most to the Sharifs was ASAP’s depth of construction knowledge. “They actually understand building,” Mohammed says. “They do projects themselves, so their conditions aren’t just there to protect their position. They’re practical and help ensure the project is successful for everyone involved.”
The team at ASAP stayed close through the entire build, speaking directly with consultants and the builder when needed. “They weren’t just a lender sitting in the background. They kept things moving and pushed when they had to. The decision not to require a QS alone saved us more than $50,000 – a crucial buffer for first-time developers learning the ropes,” Mohammed adds.
The result
Eighteen months later, the site was transformed. Nine apartments completed, all fully tenanted, and a young couple who had gone from nervous investors to proud developers.
“It was nerve-wracking, no question,” Mohammed reflects. “We put a lot on the line. But ASAP backed us when no one else would, and without them this project simply wouldn’t have happened.”
Looking forward
The Sharifs have already started planning their next move – and they know who they’ll call first. “I’m not a professional developer,” Mohammed says, “but I wouldn’t hesitate to work with ASAP again. I’ve already told plenty of friends that if they want to take on development, ASAP are the ones to talk to.”