This article is from the Australian Property Journal archive
NON-bank lender Assetline Capital has launched a new construction product for company and corporate trust borrowers who require alt doc funding for the ground-up construction of houses, duplexes, townhouses and for structural renovations.
Borrowers of Assetline Capital’s Alt Doc Construction can access financing from $1 million to $5 million and 70% loan-to-value ratio for a period of up to 18 months.
The product aims to deliver an alternative and reliable funding opportunity for borrowers wanting to do small developments, with no or limited presales or servicing required.
“We’ve kept the process deliberately simple to make it easy for both brokers and borrowers to access,” said Royden D’Vaz, head of sales and distribution at Assetline Capital, adding that Assetline Capital “recognised a gap in the market”.
The Alt Doc Construction product has a five-stage drawdown payment process.
“From initial deposit to structure and finishes, the borrower has access to Assetline’s experienced construction project monitoring team to provide regular updates and certificates of compliance to ensure that the project is running on budget and schedule,” D’Vaz said.
The Alt Doc Construction product is available across all eastern seaboard states in metro locations.
Assetline Capital offers solutions from partially completed to development exit to large construction funding of up to $40 million.
D’Vaz said the Alt Doc Construction is a “good segue” into the construction space for those brokers who may not have experience in it.
