Client background & challenges
The client was an experienced landowner and early-stage developer seeking to progress a sizable landholding in North Auckland from raw land through to an approved subdivision consent. Although the asset had strong long-term development potential, the client faced several challenges when seeking funding:
- Banks unwilling to fund early‑stage land projects – without consent in place, banks consider land banking speculative.
- Servicing and income limitations – the bare land produced no rental income, causing servicing failure under bank criteria.
- Need for capital to complete resource consent – planning, engineering, surveying, and council fees required upfront funding.
- Timing pressures – delays in funding would stall progress and risk losing project momentum.
- Lack of loan flexibility – banks could not provide capitalised interest or flexible drawdowns for early-stage costs.
ASAP Finance’s solution
- Refinance + further‑advance structure – the $6m facility refinanced the existing mortgage and funded planning costs.
- Capitalised interest and fees – preserving cashflow during the non-income phase.
- No servicing requirements – approval based on asset value, zoning, and feasibility.
- Fast approval and settlement – enabling the resource consent team to begin immediately.
- A property‑focused approach – assessed practical development potential rather than rigid banking rules.
Outcomes
- Progressed subdivision consent without delay.
- Preserved cashflow through capitalised interest.
- Unlocked material value uplift by moving toward an approved subdivision.
- Strengthened future development financing options.
- Provided a 12‑month runway to complete consent and plan next steps.
Why Developers Choose ASAP Finance
- Speed and certainty of funding.
- No servicing or pre‑sale requirements.
- Flexible land bank and development facilities.
- Capitalised interest and tailored drawdown structures.
- Pragmatic assessment grounded in real development expertise.