Capital that funds the project — and the next one.
Property and development capital is where structural sophistication has the highest leverage. The wrong facility can compound delays, blow margins, and constrain the next project. The right facility is invisible — it just lets the project run.
A single project might require $10M-50M of construction finance.
Property and development operators run a capital intensity unmatched in Australian business. A single project might require $10M-50M of construction finance, supplemented by land debt, equity contribution, and end-debt or sales facilities. The deal margins are leveraged. So is the risk if the facility structure isn't right.
The Australian development funding market has changed dramatically over the past decade. The major banks have retreated from significant areas of construction lending. Non-bank construction lenders, private credit, and family office capital have expanded to fill the gap — each with distinct appetites, pricing, and structural preferences. The market is more fragmented and more opportunity-rich than most developers realise.
The right capital architecture for development depends on the project, the developer's track record, and the next 24 months of pipeline. Construction facilities with appropriate presales coverage. End-debt or sales-back structures. Land banking facilities for strategic site control. Equity-debt integration for major projects. Coordinated structures across pipeline projects for developers with multiple concurrent builds.
Development capital requires project-specific structuring.
A typical developer's capital stack varies project-by-project but combines construction debt, land banking, and end-debt facilities. The right mix depends on the project type, presales position, and developer track record.
Construction & Development Funding
Senior construction debt structured to match project cashflow and presales reality. Specialist construction lenders for projects outside major bank appetite. Private credit for larger or more complex structures.
Land Banking & Site Control
Facilities for strategic land acquisition and holding. Often short-tenor with refinance into construction debt at project commencement. Specialist land financiers and family office capital.
End-Debt & Sales Facilities
Funding for completed but unsold stock. Specialist end-debt lenders for projects with extended sales tails. Refinance into investment debt for developers retaining stock as rental investment.
Recapitalisation & Equity Integration
For developers refinancing across portfolios or integrating debt and equity structures. Often involves private credit, family office capital, or specialist development funds.
Three recent Property & Development engagements.
Brisbane mixed-use development facility.
Brisbane developer with mixed-use project in emerging precinct. Non-bank construction lender at 50% presales coverage where major banks required 80%. Specialist structure with extended drawdown.
Victorian residential developer land banking.
Established developer acquiring strategic site for project commencement in 18 months. Short-tenor land banking facility with planned refinance into construction debt.
Sydney development group portfolio refinance.
Multi-project developer refinancing across portfolio of three concurrent builds. Coordinated structure with private credit fund. Released equity for next project commencement.
Five observations from operating in property development.
The major banks have left more of the market than most developers realise.
Specialist non-bank construction lenders now fund the majority of mid-market development in Australia. Most developers we meet have under-explored the alternatives.
Presales requirements are negotiable — but only with the right counter-proposal.
Lender presales requirements vary from 80% to 0%. The right level depends on the project, the developer, and the structure. We've structured facilities at every point in the range.
Land banking is undermodelled in most Australian development.
Most developers acquire sites at project commencement. The better developers control sites 12-24 months ahead, using land banking facilities. The strategic optionality compounds.
Cross-collateralisation between projects is usually a mistake.
It feels like efficiency. It actually concentrates risk and reduces lender competition project-by-project. Separating facilities preserves negotiating leverage.
End-debt is the most under-utilised structure in Australian development.
Most developers either sell on completion or carry stock at construction-debt pricing. Specialist end-debt structures are cheaper and more flexible for projects with extended sales tails.
Talk to our development lead.
Whether you're commencing a project, land banking a site, or refinancing across a portfolio — the first conversation is the same. No commitment. No fee. Just an honest discussion of structure.
Discuss a development facility