Spinnaker provided property finance for this project with no pre-sales, to approximately 77% of cost. The development in St John’s, just a 20 minute drive from central Auckland, comprises 20 three-level townhouses. Styled as boutique terraced housing, each home was valued at approximately $1.1million.
When working with the developer, we were able to provide funding without the need for a quantity surveyor’s initial and monthly reports. This flexibility saved the developer significant surveyor costs.