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Multi Unit Residential Dwelling

Who is this for?
Companies, Trusts and Individuals
Union Fidelity can comply with NCCP Loans on a referral basis, however the majority of residential loans we settle are Non-NCCP

LVR:
Up to 70% GVR not to exceed 80% of “hard costs” up to $5M Loan Amount
Up to 65% GVR not to exceed 80% of “hard costs” up to $25M Loan Amount
60% of Vacant Land Value for initial drawdown

Rates From:
8.5-10.5%

Zoning:
Residential Securities in Security risk category 1&2 only on the Eastern Seaboard

Purpose:
Construction – Multi Unit Dwelling

Servicing Requirements:
Full Doc -Last 2 years Personal and Business Financial Statements, Tax Returns and Assessment Notices
6 months business and personal bank statements & 6 months statements for any other credit facilities
Low Doc– Provision of Accountant’s Letter and
6 months business and personal bank statements & 6 months statements for any other credit facilities
or
Last 12 months BAS (Business Activity Statements) OR
Last 12 months Trading Statements and
6 months business and personal bank statements & 6 months statements for any other credit facilities

Prepaid Interest for the Loan Term
This is able to be facilitated and drawn down against the loan amount only in the event that there is a Corporate Borrower, and an Accountants Letter is provided to verify serviceability at the conclusion of the build along with verification from the valuer of rental income from any properties to be retained.

Clawbacks:
Not Applicable as no trailer income is paid

Credit Impairments:
On a case-by-case basis

Lenders Settlement:
1.5% from settlement

Lenders Application Fees:
Nil

Union Fidelity:
Up to 1.1% from settlement.
0.1% of loan amount Processing Fee. (min $990)

Introducing Broker: 
Up to 1.1% from settlement

Valuations:
Standard Commercial From $1 per $1000 in value with no travel

Legal Fees Std Fees From
$TBA with no existing mortgage

Initial Information Requirements for Assessment
– Statement of Position (A&L’s) of Sponsors (Borrowers)
– Background to Sponsors (including previously completed projects and current projects)
– Feasibility for new project
– Draft Building Contract for Proposed Build / Construction
– Details of Council Approvals (D/A’s, B/A’s or other relevant approvals to the subject property(s)
– Copies of Contracts of Sale for any pre-sales for the project (if relevant)