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The smarter, fairer finance option for builders
At Squirrel, we like to turn traditional banking on its head. There's no reason why you should be slammed with extra fees and high interest rates to fund your build. That's why we've come up with a better way.
Talk to us about whether Turnkey is right for you
Benefits of using Squirrel Turnkey lending
- Fair pricing leaves more in your back pocket
- Simple streamlined process means less paperwork
- Get better margins on turnkey
- Faster build times
- More buyers
Not a builder? Find out about turnkey lending for buyers here.
Three reasons why you should be thinking about turnkey:
1. It increases the size of your available market.
A number of buyers can't do house-and-land packages: First home buyers with less than 15% deposit, upgraders with an existing mortgage and retired buyers who need to sell first.
2. Turnkey reduces the risk and speeds up your build.
You control the build process and progress payments rather than leaving it with the buyer and their lender.
3. Chances are, you'll get a higher price.
With turnkey, your buyer also has less risk, finance is easier and they won't have to fund it themselves.
We are committed to helping the New Zealand build industry improve processes, reduce costs and build more new homes.
Two options for Squirrel Turnkey lending
Presold turnkey
Where a builder has a buyer for a property we will fund up to 80% of the agreed purchase price on the sale and purchase agreement (excluding GST.)
No registered valuation is required which saves you money. In most cases we are happy to work with the agreed price provided the buyer is unconditional and has paid a deposit.
Spec built turnkey
Squirrel will fund up to 70% of a registered valuation or 70% of land at purchase price for a residential house under construction that has not yet been sold.
If you get a sale part way through, we’re happy to increase it to 80%.
Progress payments minimise paperwork
Squirrel will advance your funding against our standard progress schedule*:
| Progress | Funds advanced |
| Excavation | 7.50% |
| Floor down | 7.50% |
| Framing complete | 15% |
| Roof on, wrap and cavity | 10% |
| Enclosed | 25% |
| Lined | 15% |
| Prepaint | 10% |
| Completion | 10% |
*We are happy to agree to an adjusted schedule with builders if your build process is different.
What do you need to provide Squirrel?
For progress payments, we only require a photo of the build and a photo of the latest council inspection.
How do you know if you’re eligible for Squirrel Turnkey lending?
- You will belong to a reputable industry body (Master Builders or
Certified Builders) - Your business will have been trading for a minimum of 2 years
- Good credit history
- Part of a group builder or demonstratable good systems and
controls
Squirrel's credit policy:
- Maximum loan per house build of $1,000,000
- Maximum lending per builder of $2,000,000
- Maximum LVR 70% of registered valuation or 80% of sale price
Choose the right type of lending for your project
One-off Turnkey
This is a loan that is available for a single build. It suits builders who only have an adhoc need for funding builds.
Turnkey facility
Squirrel can approve up to a $2m turnkey facility for your build company.
- Renews annually
- Allows you to manage multiple projects through the same facility
- One set of loan agreements reducing paperwork and transaction costs
Sounds great. How do I sign up?
The first step is to talk to one of our new build specialists about your next turn-key project.
NZ Wide: Ben Goldsmith
Auckland - North: Marilize Visser
Waikato/Bay of Plenty: Paul Davey
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Tanya
Hawkes Bay, [New Zealand]
Paul was recommended to us and we're so glad he was. Paul went above and beyond excellent service. Answering all our first home buyer questions and genuinely listening to us and giving us sound advice.T
Joel
Auckland, [New Zealand]
JB was super helpful, proactive and prompt. He quickly understood what I needed from this loan, researched the market and gave me a clear range of choices. After we discussed how to proceed, he made it happen super quick. Well done.J
Gaelyn
Auckland, [New Zealand]
It was easy from start to finish. I felt well informed and my needs were exceeded. A very simple and satisfying process.G
Jacque
Christchurch, New Zealand
I dealt with Faye Foster as my mortgage broker to help purchase my first home. She was really supportive, encouraging, friendly and approachable and had great communication. I would recommend Faye to anyone seeking a broker, she helped me own my first home.J
Don
Napier, New Zealand
Lindsay was absolutely awesome. We had a couple of hurdles on the way which Lindsay solved admirably. i have no hesitation in recommending Squirrel to all. Thank youD
Bricks
, New Zealand
We needed a solution to a complex property purchase and refinance. Squirrel and in particular Lindsay Hill was out standing in getting everything sorted even with very demanding timelines.B
Grant
Auckland, [New Zealand]
Working with Lindsay was great. He was very professional and easy to work with. We felt that he would go the extra mile to help us out.G
Zahid
Takanini, [New Zealand]
Had a great experience with squirrel Sam was very helpful and made sure we where updated and knew what was happening every step of the way. Would highly recommend!Z
