A recent success story in development finance involved the purchase, renovation and extension of an 18 room boarding house by developer Dega Projects. After sourcing a private loan for Dega to facilitate the purchase and private works, the house was transformed into a modern, short-term accommodation building with 28 rooms and car parking just 3km from the Brisbane CBD.
The project was deemed a great success with Dega completing and selling the project within eight months of purchase. They also more than doubled the gross rental income of the property and overhauled the management processes to streamline systems for the new owner.
This is the third such project for this client and they are currently looking at two further developments of this type.
“As this wasn’t a standard development, Daniel and the team at Growth Point Capital played an essential role in sourcing funding for the project. From start to finish the team went out of the way to get things done quickly and professionally with no hold ups along the way.”
Ed Dillon, Dega Projects
Hedley Cocks, Builder
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