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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
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.
Auckland - North: Marilize Visser
Waikato/Bay of Plenty: Paul Davey
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Melvin
New Zealand
Sudam was very helpful and quiet patient. He was available to talk and clear our doubts any time of the day. I will recommend Sudam to my friends and relatives .M
Mary
Auckland, New Zealand
So grateful for Kyle's and Squirrel's guidance. Ours wasn't a simple transaction, so we appreciated having our hands held throughout the whole process resulting in an easy home purchase. Kyle was so informative and incredible speedy. Thanks so much!M
Pete
New Zealand
Excellent service from Kyle. He did a great job arranging our mortgage requirements and kept us informed throughout the process.P
Daniel
Auckland, New Zealand
I would highly recommend Jessica Molony as she got us into our first home. She was very knowledgeable and helped us right through the process.D
Jo
Hamilton, New Zealand
Jessica Molony was brilliant to work with. Was easily available by phone or email and made the whole process seamless. She is a credit to your business.J
Courtney
New Zealand
We have purchased our first home thanks to Squirrels launchpad package. The team were so helpful, so prompt and kept us informed the entire time we couldn't have been able to do it without them!C
Nicole
Patea, New Zealand
All communication throughout the process was fantastic. Any queries I had were answered straight away. The Squirrel agent was very good to talk and extremely helpful. Thank you very much for the service.N
Michelle
Putaruru, New Zealand
Alfonso was helpful and we felt like he had our best interests in mind when arranging the mortgage for us.M
