Construction risk was considerably lower than a typical development financing for the Duke Apartment project in Brisbane’s coveted Kangaroo Point as the project was well advanced, with the level 14 slab completed and fitout of the building well underway at the point of settlement.
White & Partners provided a ten-month construction loan to borrower for the development of the 15 storey, 125 apartment tower complex.

The loan facility was structured as a typical bank financing with a strong security package. White & Partners actively monitored progress on the project, with monthly drawdowns subject to sign off by an independent quantity surveyor.

Approximately 50% of the apartments were pre-sold, providing over 70% net pre-sales loan cover. The borrower achieved their targeted 100% loan cover within 5 months of the first draw-down.