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Property Construction Loans
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Running short of funds in your property construction?
Whether you are looking to fund the start of a construction project, or to mitigate any shortages in finances during construction, a private construction loan may be the solution.
It's often not easy to borrow from banks and mainstream lenders in such scenarios. Our private lenders can assist with ready funds if your project meets our funding requirements.
Funding a building project can be time-consuming, and more importantly, cost intensive. If you find yourself short on some money, construction loans may be for you.
A construction loan allows you to access funds progressively as you move through the many stages of a construction project.
Whether you plan to make renovations, demolish an existing property, develop land, or build from the ground up, Gryphon Direct has you covered.
Benefits of Construction Loans
Cost Effeciency - It is unlikely that you will need the sum of your loan upfront, and progressive drawdowns, which allow you to withdraw funds along the way, as needed, can help reduce your loan balance and minimise on interest costs.
Flexibility - Construction financing comes with interest only payments during the construction, meaning lower repayments for the duration of that stage of your building project. We will look into your unique situations to find a deal that works best for you.
Convenience - You can make payments towards your construction loan at any time, reducing loan balance so you pay less interest.
Construction loan ratios
When calculating all the above, understanding these two ratios will be instrumental in securing a good deal.
Loan to cost
The loan to cost ratio can be found by dividing the loan amount over the total project cost. This typically amounts to roughly 70-90% for most lenders.
Loan to value
This is similar to the loan to cost ratio, except that the loan amount is divided by the end value of the project instead. The end value will be estimated with the market value of similar projects.
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What to do when proceeding with construction financing
For the best results possible, be sure to provide as much deposit as you are able to, as well as the best security as available. This will greatly increase your chances of securing a favourable deal. Most lenders prefer first mortgages, but you can apply for second mortgages or mezzanine funding here at Gryphon Direct as well.
How to get started
You can send us a quick application using the form below to check your eligibility. One of our lending managers will get back to you shortly and assist you throughout the process. We will compare from over 200 lenders around Australia to find a competitive deal that best suits your purposes, and help you turn no into yes.
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