110 | Monhail Developments T T Richard Loader Insulation greater than the NZ code Wayne, a property investor since 1996, has been building townhouses with a business partner around Wellington since 2005. BUILDING Wellington company Monhail Developments aims to deliver affordable homes to the market. To do this director Wayne Dermondy has favoured using kitset transportable houses from QuickBuild Homes. Made with steel linings and insulation greater than the NZ Building code the homes cost around half the price of a traditional build. By engineering out the complicated skills that a traditional house build requires the result is a house that almost anyone can assemble and in the fraction of the time of a traditional build. The homes are also eco friendly homes producing only about a suitcase full of rubbish going to landfill from the manufacturing process, and about the same from the on site assembly. At end of life the materials of most of the homes can be recycled into their base materials of steel, polystyrene, glass and aluminium. Wayne, a property investor since 1996, has been building townhouses with a business partner around Wellington since 2005. He started Monhail Developments as a standalone business aimed at producing homes for a range of purchasers including first homebuyers, investors and retirees. Monhail Developments has since completed numerous projects such as 558 Fergusson Drive in Upper Hutt, a three-townhouse project with each home offering 72sqm each and built using SIP panels of 150mm thick ceiling, floors and walls. Wayne says this gives the homes an R-value of 4.8 Tasman Property Finance specialises in assisting property investors and developers such as Monhail Developments to fund their projects and portfolios – no matter what the economic or banking environment. “We work with clients to provide flexible and competitive property funding solutions,” says Principal of Tasman Property Finance, Andrew Morgan. Founded in 2018, it is Andrew’s over 30 years in the banking and finance sector that makes the difference. He has worked for Primary Industry Bank of Australia, Rabobank, Citibank, AMP Bank, Equitable Finance and Balmain Commercial Mortgages Ltd and has an extensive network of bank and non-bank funders in New Zealand and Australia able to fund New Zealand loans. He is supported by co-director Daniel Quigley, who likewise has a strong banking industry background. This means that Tasman Property Finance has direct association with a select group of non-bank Australian funders able to lend in New Zealand in the $10m-$150m deal size being secured by first and second mortgage. Andrew says that Tasman Property Finance has always operated nationally and has a specific process honed over the years for securing loans that give clients the best opportunity for success: “We sit down with a client and let them know what will be required to fund their deal within a 60 day exclusivity period. We show ways the deal can be structured and funded and can also find solutions for tricky deals, for example sometimes restructuring whole portfolios or selling down some specific assets,” says Andrew. “We aim to develop long term relationships with our clients and only apply to the selected funders that are most likely to approve their loan, not broadcast confidential client information about the market. We then put in the time upfront to put together a multi page debt memorandum, presenting the deal as a bank credit would receive it. In this we summarise things such as the security being provided, loan being requested, what it will be used for and outline the client ’s debt and equity position. We have mostly been dealing with our clients for many years, which gives the funders more trust in Tasman debt applications. We can help them secure private credit non-bank funding with finance rates similar to the mainstream bank current table mortgage cashflow cost, but provide greater liquidity with loan security ratios up to 70%”. Andrew says Tasman Property Finance’s experience helps it to understand each client ’s ‘deal feasibility’ quickly and its special relationship with key lenders can generate quicker turnaround – particularly useful in the time sensitive property industry where this can make the difference between a client winning a deal or not. “We see our role as our clients’ relationship manager for private credit,” says Andrew. “We aim to help smooth this part of their property transaction helping them to secure the deals that matter to them, with competitive and flexible property funding.” TASMAN PROPERTY FINANCE Tasman Property Finance Limited specialises in providing flexible and competitive property funding solutions for COMMERCIAL INVESTMENT PROPERTY PORTFOLIOS ● CONSTRUCTION FUNDING ● RESIDUAL STOCK FUNDING ● BRIDGING & INTEREST ONLY LOANS ● RURAL PROPERTY FUNDING P: +64 (9) 212 8636 / +64 21 397 062 | E: a.morgan@tasmanpf.co.nz COMMERCIAL INVESTMENT & DEVELOPMENT FUNDING FARM FINANCE FLEXIBLE PROPERTY FUNDING SOLUTIONS
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