Strategy & vision
This project is situated in the Hunter suburb of Cessnock, just an hour outside of Newcastle. The initial loan of $400,000 will be used for refinancing the current debt partner.
The developer is now awaiting their DA approval for the subdivision of this lot, with the aim to eventually refinance this bridging facility and look to construct a dwelling on the subdivided lot.
Cessnock is located next to Australia’s oldest wine region, just a couple of hours’ drive north of Sydney. Historically a coal mining centre, this town and collection of villages are considered the gateway to the Hunter Winery regions.
Exit strategy
The developer will aim to refinance this bridging facility to construction loan.