7 Level Apartment Project - Parkside, SA
Developer purchased another development site however not selling the recently completed apartment stock the bank would not advance the balance and the result would have caused the developer not to be able to settle the purchase of another development site.
ACMF Proposed a take out solution for the 10 remaining apartments. ACMF contracted and paid the full 10% deposit, the bank was satisfied with the sales, and settled the amount required by the bank. The Bank was satisfied by proceeding with the next property transaction and receiving settlement proceeds from the on-sales carried out by ACMF partners.
ACMF had buyers waiting who purchased at a small discount to the market.
The client then was able to place a cash contract and settle their next development project at a bargain price and make an early start by some 6 months earlier with a great result for all parties!