As part of the GPS drive for quality over quantity, we have decided to focus on residential loans in the $3 million to $8 million loan size.
To achieve this, we will be dropping our interest rate to 8.95% for those loans.
The interest rate claimed by GPS has little to do with official interest rates. It is all about the market. There are tough times ahead for developers.
Sales prices will have limited, if any, growth. Sales periods are extending. Building costs are not going down.
At GPS we appreciate that if there is no profit in projects for developers, then they will stop borrowing.