Yes. Development finance is a core business for ASAP Finance and includes financing for land subdivisions and construction. This includes commercial, industrial and residential developments.
Development finance is our bread and butter. The bedrock of ASAP Finance is helping Kiwi developers with securing finance to get their development projects out of the ground, having reviewed thousands of transactions and facilitated over $3 Billion in lending to the NZ market. Our practical-minded and experienced lending managers have strong business acumen that hugely benefits our clients in the development sector. Each year our construction loans contribute to over 1,000 new builds and 500 new sections to the New Zealand housing stock.
As a privately owned non-bank lender, we’re able to waive most of the pre-drawdown conditions that developers generally encounter with bank funding. We break down barriers to funding across all stages of a project’s lifecycle, from land acquisition to construction.
Whether you’re looking to build a single residential house or master planning a staged subdivision, ASAP Finance has a proven track record with commercial property finance. Our lending managers can tailor a bespoke funding solution for your development costs.
Our bespoke development funding packages are available for:
- Residential developments
- Standalone houses
- Duplex, triplex and terrace townhouses
- Multi-unit apartments
- Industrial & commercial construction
- Commercial offices/retail units
- Industrial warehouses
- Childcare centres and other specialist commercial assets
- Residential, commercial, and industrial subdivisions, including master-planned subdivisions.
Key Benefits of the ASAP Finance Development Packages
- Simple lending criteria with no hidden costs and fixed fees.
- We take advantage of our independence, adapting our structures and products to create highly competitive packages for our clients.
- Loans can be settled within two days of the receipt of your initial funding application.
- We staff experienced lending managers with an active hand in the development industry.
- We tailor a solution specific to your needs with interest-only, part interest-only, and capitalised interest loans available.
Development Finance Assessment
From inception to realisation, ASAP lending managers review the full development lifecycle to deliver funding packages that are specifically tailored to the needs of the client.
Our comprehensive process allows us to give constructive feedback and advice to clients not only at an enquiry level, but also on an ongoing basis during the term of the loan, assisting with communication between the client, contractors, and consultants.
What we review
Unlike turn-key home loans, construction loans require a comprehensive breakdown of various budgets, consents, and contracts.
- Project feasibilities and construction budgets
- Building plans and consents including resource consents, building consents, and engineering approvals
- Construction contracts and tenders
- Pre-sales estimates
- Exit strategy assessment
ASAP Funding Process
- Submit a funding application. We work quickly, assessing your project and providing indicative terms in as little as 24 hours.
- Issuing of formal letter of offer. Following your acceptance of the indicative terms, we issue a letter of offer detailing:
- Our fees
- Your interest rates
- Loan terms
- Any terms and conditions (we try to keep these as minimal as possible).
- Unlike other lenders, our letters of offer are fully credit approved; we stand by our commitment to fund your project.
- Creation of construction loan documents. Once you have signed our letter of offer and paid the deposit on our fee, we work with your solicitor to arrange the completion of loan documents and work with them towards settlement.
If you are working with a mortgage broker, we will pay brokerage direct, typically equivalent to 1% of the loan amount on drawdown. Our establishment fee and legal costs are payable by you. These are stipulated upfront.