first mortgage case no.4
A developer had completed the construction of 195 apartments. Prior to this approximately 150 apartments were pre-sold leaving the remaining 45 apartments unsold.
The developer was able to repay the majority of their construction facility with the existing pre-sales, however several of these pre-sales were to FIRB approved buyers and would require additional time to complete settlement. Further to this the developer was wanting release part of their equity within the unsold apartments to complete the purchase of a new project site.
Dorado provided a first mortgage funding solution secured over the unsettled and unsold apartments. Proceeds from the Dorado loan went toward repaying the remaining balance of the construction loan and to the developer to purchase the new project site. The Dorado facility remained whilst the developer marketed and sold the remaining apartments.