Strategy & vision
Nestled within the picturesque Illawarra region of New South Wales, Australia, East Corrimal is a tranquil coastal suburb embraced by the city of Wollongong. Situated approximately 67 kilometres south of Sydney, this charming locale boasts the breathtaking Corrimal Beach as its centrepiece. With its golden sands, renowned surf spots, and inviting community parks, East Corrimal offers an idyllic blend of relaxation and vibrant lifestyle opportunities.
Primarily residential, the suburb caters to a diverse demographic, from families to professionals and retirees, offering an array of housing options ranging from cozy established homes to contemporary developments. East Corrimal’s intimate commercial hub provides essential amenities, while its close proximity to Wollongong ensures convenient access to a wider range of services and employment prospects.
Celebrated for its natural splendor, tight-knit community ambiance, and strategic locale, East Corrimal emerges as a coveted destination for both residential living and investment within the Illawarra region.
For builders and investors exploring projects in established coastal markets, Bridging Finance for Developers can be a critical early step, especially when timelines are tight and opportunities move quickly. As part of wider Development Finance Solutions, bridging facilities often serve as the foundation for progressing from acquisition to delivery.
Developer Fergus Stokes is seeking construction finance for 3 x three-bedroom townhouse project on a 804m2 site situated in East Corrimal. The total loan facility is $3.2m which covers taking out the bridging loan used to acquire the site as well as funding for the entire construction phase. Planning approval has been issued. The construction phase is expected to last 15 months.
Exit strategy
The developer plans to sell the 3 townhouses once build is complete. This aligns with a standard Development Exit Finance pathway, where repayment is achieved through completed stock sales and orderly settlement timelines.
The borrower & project team
Assured Projects Pty Ltd, spearheaded by Fergus Stokes, specialises in acquiring expansive properties in Wollongong with the aim of developing 3 to 7 residences. The company strategically targets CDC corner lots in established markets and properties with development challenges in burgeoning areas. Drawing upon Fergus’s expertise in engineering and surveying, Assured Projects has successfully executed deals in East Corrimal, with a clear trajectory towards transitioning into full-time property development.