Development loans...
At MCMF, we provide loan products to support the development of properties and projects throughout Tasmania.
We’re deeply invested in the future of our State, and we've played a crucial role in funding numerous projects that have helped to strengthen our economy and community. Here’s one instance where an MCMF loan helped to fund a stunning apartment development in Launceston’s CBD.
Speak to us to discuss your next development project.
The essential details
Security
Our loans are secured by first mortgage. The maximum amount we will lend on a property is:
- Up to 66.6% of the value of residential and commercial property
- Up to 60% of the value of rural property
- Up to 50% of the value of hotels and specialised security
Progressive drawdown
We offer our clients the option to progressively draw down on their loans.
Loans can be progressively drawn down to assist in funding construction or business development projects, providing significant savings in finance charges.
Establishment fees
We charge 0.75% of the loan amount as an establishment fee, with a minimum fee of $2000. If our committee determines that a loan is highly complex, we may charge a higher establishment fee.
All establishment fees are GST inclusive.
Additional fees
We do not charge any recurring service or account fees.
Valuation fees are paid by the client.
Loan approval
The Murdoch Clarke Mortgage Fund Management Committee makes all loan application decisions based on established lending criteria.
I’m ready to apply for my MCMF loan
Make sure that you’re fully informed by reading the following:
TMD: Development/Construction loans | MCMF Credit Guide
Once you’ve read our TMD and Credit Guide – these links will provide everything you need for your submission. The links will provide the majority of information that you need for your application and should additional information be required during the process we will contact you.
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