Prime Capital reveals new construction finance loan

The construction finance product is the latest offering from Prime Capital. The low-doc solution aims to provide fast finance for an industry that can often experience delays and uncertainty.

Settlements will take around three to four weeks, with approvals in as little as 24 hours. Rates start at 9.5 per cent per annum.

Further features include the acceptance of self-declared income and no presales requirements.

Prime Capital CEO Steve Sampson said this latest solution is in the name of empowering developers in an industry that can often be plagued with hurdles when securing finance.

“At Prime Capital, we’re making construction finance fast, simple and certain. Our warehouse-backed product gives developers true funding certainty, with low-doc requirements and no pre-sales needed. We’re proud to offer competitive rates from 9.5 per cent and a process that puts brokers and borrowers first,” Sampson said.

[Related: Prime Capital announces double rate cut]

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