Senior Debt

First mortgage construction funding from banks and non-bank lenders

Senior debt is the foundation of almost every development funding structure. It sits in first position, secured by a registered first mortgage over the project, and provides the bulk of the capital needed to acquire the site and deliver the build.

Through our network of major banks and institutional non-bank lenders, we arrange senior facilities sized against your project's Gross Realisation Value (GRV), with interest and line fees capitalised during construction so there are no repayments until settlement.

Key Terms

Facility size: $1M – $1Bn
LVR: Up to 70% of GRV (bank) / 75% (non-bank)
Security: First registered mortgage
Repayments: Interest capitalised, repaid at settlement

Bank vs non-bank senior debt

Banks offer the lowest rates and most competitive terms, but apply conservative GRV caps (typically 60–65%) and require material pre-sale coverage before drawdown. Non-bank lenders push GRV to 70–75% and will lend with minimal or no pre-sales at a rate premium.

Best Suited To

Projects with strong presales and a track-record developer
Sponsors seeking the lowest all-in cost of capital
Large projects ($20M+) suited to institutional lender terms

First mortgage senior debt for property development, up to 70% of GRV with interest capitalised until settlement. Compare bank and non-bank senior facilities.

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