Finance for multi-unit sites
Multi-unit site finance
Several homes on 1 site plan, built in the factory.
Woolong Capital finances groups of factory-built dwellings on 1 landholding, set out under 1 site plan, for companies that own and rent them. Your company puts in 20% of the contract price, Woolong pays your builder as an independent quantity surveyor certifies each stage, and repayments of principal and interest run for up to 10 years from handover.
At a glance
Proposed terms, indicative and subject to credit assessment.
Who borrows
An Australian company, or a super fund's company trustee, that owns the dwellings and rents them out
The site
Land your company owns, or a lease or licence of the landholding for at least the loan term, with a site deed
Your equity
20% of the contract price or more, paid before the first draw
Loan size
70% of the security or less
The build
Up to 6 months, every stage certified before it is paid, with interest added to the facility
Repayments
Monthly principal and interest for up to 10 years from handover
How a multi-unit site is funded
Your builder makes the dwellings in the factory while the site is prepared under its site plan. Each stage is certified by an independent quantity surveyor before Woolong pays your builder, and title passes to your company the same day. Your letter of offer sets out the draw schedule for the whole site.
Interest is added to the facility during the build, so there is nothing to pay until handover. From then on, the dwellings earn rent and the facility is repaid monthly, principal and interest.
Leased or owned land
On a leased or licensed landholding, each dwelling stays movable, set on screw piles with plug-in services, and the landowner signs a site deed. Each dwelling counts at its re-sited value.
On land your company owns, the land and the finished dwellings are valued together and Woolong takes a registered mortgage over the land. Either way, equity in a director's property completes the security and the loan stays at 70% of it or less. Every facility carries the same 5 pieces of security, all in place before the first draw. They are listed with the full terms.
Questions people ask
Who owns the dwellings during the build?
Your company. Title to each stage passes to your company on the day its draw is paid, and is secured to Woolong the same day.
What does the valuer report?
On a leased site, each dwelling's value in place and its re-sited value. On your company's land, the land and the finished dwellings together. Values are reported at the start and every 2 years.
When do repayments start?
At handover. During the build, interest is capitalised: it is added to the facility, and there is $0 to pay.
Planning a group of homes?
Send us the site plan and your builder's schedule, and we'll shape a facility around the whole site.