Burberry Road Subdivision
“ASAP Finance didn’t just fund our project—they became an integral part of our development team.”
ASAP Finance was tapped to assist with a Karaka subdivision project. Located south of Auckland, Karaka is a rural centre on the eastern foreshore of Manukau Harbour. The area is quickly becoming attractive for its relative proximity to Auckland city and the surrounding outdoors. Karaka’s new developments are conducive to a quiet lifestyle, such as those settling down and raising a family – the perfect opportunity for the right developer and property finance team to unlock its potential. What transpired was a $27 million development loan facility at 56% LVR – the foundation that allowed the vision for Burberry Road to take shape. This is the client’s story.
The Client’s Testimonial
Our venture at Burberry Road was an ambitious undertaking: transforming a 4.6-hectare parcel into a 154-lot subdivision in the rapidly growing Karaka region. With full consents secured and our contractor ready, we aimed to complete the development within a single season, balancing a strategy of selling 50% of the lots and retaining the remainder for long-term investment.
From our initial engagement, ASAP Finance stood out. Referred by our broker at CBRE, we were immediately impressed by their tailored approach. Dan, our lending manager, took the time to understand the nuances of our project, especially our unique 50/50 GST position. He crafted a development funding structure that addressed our cash flow requirements from the outset, ensuring financial stability throughout the project.
While the initial pricing was higher than anticipated, ASAP’s transparency and willingness to negotiate instilled confidence. They committed to reviewing the rates in line with market movements, and true to their word, adjusted the rates favourably when the OCR dropped.
Throughout the project, ASAP’s support was unwavering. Progress payments were processed swiftly, and Dan maintained open lines of communication with our project manager, QS, and consultants. This cohesive collaboration ensured that any challenges were addressed promptly, keeping the project on schedule.
A pivotal moment was ASAP’s insistence on addressing a traffic-related consent condition early in the process. Initially, we underestimated its significance, but as we approached practical completion, it became clear that their foresight was invaluable. By resolving this issue early, we avoided potential delays in obtaining our 224c certification.
Now, as we reach the titling stage, we’re proud to reflect on a project that progressed smoothly and efficiently. The partnership with ASAP Finance was instrumental in this success.
“ASAP Finance is more than a lender – they’re a trusted partner who brings expertise, integrity, and a genuine commitment to your project’s success.”
Development funds made easy for subdivision
Subdivisions can be complex and costly, but well-structured, tailored property finance can help. ASAP Finance provides more than just financial support – we also offer advice around consents and the process as a whole, beyond the basics of the loan itself. Contact us today for support with subdivision projects you’re hoping to advance.
