FAQs

Find the answers to some of Spinnaker Capital's most commonly asked questions, or get in touch to learn more.

What sort of residential property developments do you finance?

Spinnaker Capital funds a range of project types and sizes. However our most common residential development funding is for Auckland and Christchurch-based developments of 3 - 30 houses, townhouses or apartments, valued from $600,000 - $1.5 million each.

What % of cost does Spinnaker Capital fund to?

Up to 90% of cost for qualifying projects.

How long will loan approval take?

As long as we’re supplied all the necessary information, we can provide formal approval within a day. We work with the loan approval team on a daily basis, enjoying a close and trusted partnership that helps make these fast turnaround times possible.

Is there a chance that Spinnaker Capital won’t proceed with an offer once issued?

We have never reneged on an offer once the loan offer has been issued. The only exception is when the borrower no longer needs the funds.

What other funding do you provide?

At Spinnaker Capital, we don’t lend against non-property assets. However, we do offer property finance for all sorts of assets, including:

  • Single high-value homes development
  • Industrial, retail, and commercial buildings development
  • Commercial or residential property bridging finance

I’m ready to contact Spinnaker Capital about my property finance needs. Who should I talk to?

Call either Mark, Ollie, Tom, or Martyn (you can find their details here). All four are property lending specialists, with over 80 years of experience combined. We work as a team and jointly discuss each loan – so whoever you talk to, you’ll always get the benefit of the entire team’s expertise.

Do you lend second mortgages?

No, we don’t. When necessary, we may take a second mortgage over a property in addition to our first mortgage.

What are your fees and interest rates?

Our fees and interest are highly competitive and depend on the individual project. Interest rates from 6.95% per annum and fees from 1.5%.

Will you capitalise interest?

Yes, we capitalise interest for the majority of our loans.

What happens if the project runs over cost or time?

We’ve been providing property finance for over 25 years, so we understand that things don’t always go to plan. We have a reputation for working cooperatively with our borrowers to make sure the project is finished, and our completion track record is unrivalled.

What’s the maximum loan term?

Our maximum loan term is generally about 20 months. That said, we understand that individual needs and circumstances vary, so we make every effort to be flexible.

Are you open to joint ventures?

Yes, we’re open to joint ventures in residential developments, commercial buildings, and retail centres. For joint ventures, we generally provide between 90% and 100% of funding at a lower interest cost, and take a shareholding in the project. See ‘joint venture partnerships’ to find out more.

What information do you need for a loan application?

We usually ask for a valuation of the property (both ‘as is’ and on completion of the development), feasibility, resource/building consent, plans (if applicable), background of the shareholders, and a statement of financial position for the shareholders. Keep in mind that the more accurate and up-to-date information you can provide us, the faster we’ll be able to turn around a response.

If I’m the builder on the project, can you still provide funding?

Yes, many of the projects we fund are in partnership with the builder behind the development. As part of the process, we usually ask you to demonstrate your experience and construction history.

Do you fund projects without needing a quantity surveyor to review it or provide a valuation?

Yes, at Spinnaker Capital we fund plenty of projects without a valuation or quantity surveyor. That said, for larger and more complex projects we will require both.