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RAC Finance joins the panel with development funding of up to $10 million for eligible projects, without pre-sale requirements. The funding covers residential, industrial, select commercial and land subdivision projects across metropolitan Perth and selected South West regions.
The addition is aimed at giving brokers more options for developer clients whose projects may not fit traditional construction finance requirements, particularly where securing pre-sales can be a barrier to obtaining funding.
Mark Hewitt, general manager industry and partnerships at AFG, said the appointment would strengthen the specialist commercial finance solutions available to brokers.
“Development finance is a specialised area of lending and every project is different. Brokers need access to lenders that understand local market conditions,” Hewitt said.
“Adding RAC Finance gives our WA brokers another option when a client’s project does not fit more traditional lending criteria, while also strengthening the range of specialist commercial finance solutions available through AFG.”
Flexible funding for developers
RAC Finance provides funding across a range of developments, including single homes, villas, townhouses, apartments, mixed-use projects, industrial developments, select commercial projects and land subdivisions.
The lender also offers flexible loan terms and accepts owner-builder applications. Its Western Australian property finance team manages approvals and progress claims locally, with progress payments processed within 48 hours.
Michael Patino, general manager at RAC Finance, said the partnership would provide developers with another locally based finance option.
“It is an exciting time for our RAC Finance team to be partnering with AFG as we continue to support WA property developers,” Patino said.
"Whether it be a residential, industrial or land subdivision project, RAC Finance has been supporting local developers for over 30 years. Now, by partnering with AFG, it provides developers that are seeking funding for their next project an opportunity to engage with a simpler, locally based finance alternative.”
Hewitt said the expanded panel would give brokers more ways to support clients and pursue commercial lending opportunities.
“For brokers, greater lender choice means more options for clients and more commercial opportunities. RAC Finance adds another specialist capability to the panel and gives our brokers another avenue to support developer clients,” he said.
RAC Finance joins AFG’s panel of more than 80 lenders and partners across residential, commercial and personal finance.
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