How banks are letting small developers down
We received a phone call yesterday from a developer who required financial assistance almost immediately to get their development off the ground.
He had already been in contact with his bank, but he wasn’t satisfied with the four weeks he had already had to wait to get his loan requirements read.
This is where we feel banks are letting the market down.
Small developers, who are building the housing that is required by the government, are being held up by banks who don’t have the specialist experience and finance options that property development lenders such as Hunter Finance have.
We managed to send an Offer in Principle to the developer in less than two hours after they inquired.
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