GPS is a business based on referrals. The number of repeat and referred borrowers making up our loan pipeline is continually increasing compared to broker introduced deals.
In the current market, we would not like to be relying on brokers only for new deals. Deals that involve repeat teams, or have been referred from people we have worked with in the industry, are often of a higher quality than deals put forward by a broker.
Our latest new project is from repeat borrower, Camalee Investments Pty Ltd. They recently built stage one of a development at 25 Hawthorne Street, Enoggera.
Stage one consisted of the construction of seven residential townhouses. Construction was completed ahead of schedule and within budget by the builder, Provincial Building Pty Ltd (‘Provincial’). All seven townhouses were under contract by June 2017, prior to construction completion at the end of November 2017.
This fourteen month term loan was repaid nine months early. This was achieved due to tight management by an experienced team. The entire process ran smoothly from start to finish.
We are excited to be working again with this borrower for the second stage, located next door at 21 Hawthorne Street, Enoggera. The project will consist of the construction of another seven townhouses, again built by Provincial, and likely marketed by the agents who fully sold stage one. We expect this stage to run just as smoothly as the first.
Camalee Investments Pty Ltd (Stage 2) is currently open for investment. Please contact Olivia for a copy of the SPDS on 1800 999 109 or firstname.lastname@example.org. Photographs above are from the completed first stage.