Tony Denny says the risks in funding apartment construction are too high, but are manageable in land subdivision projects and smaller commercial developments.
and cost blowouts, approvals for private-sector dwellings excluding houses fell 43.5 per cent in July, hitting their lowest level in over a decade, according to the Australian Bureau of Statistics.
A decision to steer clear of apartment construction funding has not dented the growth ambitions of Central Real Capital, which expects to have $500 million of total finance capacity locked away by July, including another $100 million injected from Mr Denny’s own private wealth sources. The short-term bridging-style loan has enabled developers to advance their project to the point where they can refinance with a bank on more conventional financing terms.
Targeting a loan book size of $1 billion – Central Real now has a $330 million lending book – Mr Stone said the non-bank had ambitions to become the “pre-eminent private provider of development finance in Australia”.
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