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Sponsored ContentPartner ContentMon 09 Sep 24

Developers Urged to Sidestep Christmas Loan Pitfalls

There’s an old saying that “money never sleeps”. Well, to a large extent, that might be true in most sectors of the broader economy. However, in the world of finance for property development, this saying is not as applicable.

To the contrary, the finance industry is notoriously “sleepy” from the first week of December until after Australia-Day. There are a multitude of reasons for this, including:

  • Critical reports: Valuers and quantity surveyors are either busy or closed.

  • Lenders: Lenders typically stop taking new applications in the middle of November.

  • Authorities: Councils and service-bodies typically slow down.

  • Developers: Job sites tend to slow to a crawl.

  • Solicitors: Very busy or closed.

Why is this important for development-related finance? It creates a 2-3 month window where it’s much more difficult to access funds or obtain approvals. For this reason, property developers need to plan around this period.

Time it right


Industry veterans Brett Macartney and Nathan Khoury of Private Lending Brokers (www.privatelendingbrokers.com.au) are specialists in connecting property developers to a panel of private lenders. In doing so, they were frequently exposed to Christmas “horror stories”, Macartney said. 

“We see so many horror stories around Christmas time, where property developers are needing to settle a new loan or refinance an expiring loan in this difficult period,” he said.

“The problem is largely the lack of availability of key items for any loan. For example, solicitors are either slow or closed, valuers aren’t as available and, critically, the lenders are not as available with capital.”

Nathan Khoury said he strongly suggested property developers try to time settlements and refinances to take place either before the end of November or after Australia Day.

It was not entirely futile though, Khoury said. “Look, we’re not saying that a loan can’t settle in this period. We’re just being honest and transparent that it becomes more difficult and the number of available solutions reduces.”

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▲ It is best to tell key players of any expected delays, PLB advises.

Expert tips


Macartney and Khoury work closely with private lenders and offer a few tips for property developers:

Reports: Valuations and quantity surveyor reports must typically be no older than 90 days from financial close. They suggest that property developers try to order the valuations/QS reports no later than mid-September in order to make a November settlement/refinance. Also, try to avoid finalising any reports during the Christmas break, as precious time within the 90 days is unnecessarily lost.

Extensions: If your settlement/refinance period falls within the Christmas break period, it’s wise to pre-negotiate extension terms with either the vendor/s or the lender. It saves much stress of trying to sort things out during awkward calendar dates.

Notify Key Players: If key players such as financiers, council authorities, parties to a transaction or otherwise have critical dates that land in the Christmas break period, it is wise to notify them of any expected delays. This could help developers to pre-negotiate any delay fees, default interest rates etc.

The right lending partner


Regardless of timing, having the right lending partner is critical. This means having a lender that can work with you and your development and be flexible and understanding.

To that end, for property developers seeking private debt solutions for their settlements, refinances or construction loans, feel free to reach out to the team at www.privatelendingbrokers.com.au. 



The Urban Developer is proud to partner with Private Lending Brokers to deliver this article to you. In doing so, we can continue to publish our daily news, information, insights and opinion to you, our valued readers.

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Article originally posted at: https://www.theurbandeveloper.com/articles/developers-urged-to-sidestep-christmas-loan-pitfalls