Development Finance
Are you a property developer looking for financing for your upcoming development project? Whether you're a first-time developer or have extensive experience, our doors are open to assist you in securing the funding you require for your next project. WizWealth Finance has extensive experience in structuring development finance facilities across Australia, whether residential, commercial, office, industrial, retail, or land subdivisions.
No pre-sale funding options
Loan options available that do not require any pre-sales from the project
Joint Venture Funding
We have solutions that will lend for you initiating a Joint Venture with other like minded investors
Competitive Rates
We ensure you get the best possible private funding deal from Australia's largest network of private funders
Customised Funding Solutions
We know that one size doesn't fit all, so can tailor a lending solution to your specific project
Quick Turnaround
We offer quick turn around on our services based on dedicated development finance lenders. The approval time can often be as quick as 1 day once all the required information is available
Experienced Team
We have a team of experienced brokers who work closely with you to ensure your project has the best possible outcome
Top 5 things to keep in mind when starting a development project
Planning is the key: A comprehensive feasibility study should be the starting point of any development project. Ensure you fully understand factors like location, market demand in the area, council requirements for development, construction costs and holding cost of the project. Engage a project manager or an architect in the initial stages to create a detailed project plan that outlines objectives, timelines, budgets, and resources.
Legal and Regulatory Compliance: Never assume that if the project is financially feasible, it will get the regulatory compliance tick. If the land has been transacted multiple times without any development progress, there is likely to be an underlying regulatory compliance challenge which should be investigated. Some of the key areas to explore include local, state, and federal regulations, including zoning laws, building codes, environmental regulations, and permitting requirements.
Financial Planning: The key reason to drive any development project is to generate profit at the end for all key stakeholders. It is important to understand all the financial implications of various project phases and then calculate the final project cost including all holding cost. Development funding is more expensive than the regular Residential or Commercial funding for established assets. Seasoned investors also factor in cost of any personal equity used for the project as there is an opportunity cost associated with it if it’s being taken from a personal offset account which will trigger additional interest once the funds are used. Plan a realistic budget and contingency fund to account for any unexpected scenarios.
Quality Control and Risk Management: Ensure you engage quality trades for the project that have experience in delivering similar projects. Businesses that implement stringent quality control measures and maintain construction standards and safety often prove to be a safer choice because any delays caused due to poor profits can quickly chew the project bottom line. Identify and assess potential risks upfront and develop relevant risk mitigation strategies. Ensure you regularly inspect the work progress to ensure it is in line with the project plan and meets quality standards and adheres to safety protocols.
Effective Project Management: One can easily lose focus if you are handling multiple projects and having a dedicated project manager or team to oversee the construction project ensures overall success. A dedicated resource is recommended to coordinate contractors, suppliers, and labour, tracking progress, managing timelines, and communicating regularly with stakeholders
New to Development Finance? Here is what it means
Development finance refers to funding allocated for substantial renovation projects or major new construction endeavors. Examples of such projects may include luxury residences, housing developments, or the conversion of office buildings into apartments. This type of funding can be applied to residential, commercial, and mixed-use properties. It should be noted that development finance is not intended for smaller-scale ventures, such as those commonly featured renovation projects where investors improve a house and then sell it for a profit. Development Finance refers to funding required for developing multiple dwellings and driving value through construction over a large block of land. Feel free to speak to us if you to explore this option further.
