Not a builder? Find out about turnkey lending for buyers here.
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.
You control the build process and progress payments rather than leaving it with the buyer and their lender.
With turnkey, your buyer also has less risk, finance is easier and they won't have to fund it themselves.
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.
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%.
Squirrel will advance your funding against our standard progress schedule*:
|Roof on, wrap and cavity||10%|
*We are happy to agree to an adjusted schedule with builders if your build process is different.
For progress payments, we only require a photo of the build and a photo of the latest council inspection.
This is a loan that is available for a single build. It suits builders who only have an adhoc need for funding builds.
Squirrel can approve up to a $2m turnkey facility for your build company.