Pre-sales and their role in development funding预售及其在开发融资中的作用

Pre-sales and their role in development funding预售及其在开发融资中的作用

Pre-sales are forward contracts to sell a unit or lot in a development before construction is complete. They are one of the most important factors lenders consider when assessing a development loan application.

From a lender's perspective, pre-sales serve two purposes. They demonstrate that there is genuine market demand at the projected price point, reducing the risk that units will sit unsold after completion. And they provide a clear repayment path: settlement funds from a pre-sale can be used to repay the development loan, either in part or in full.

Most lenders require a minimum level of pre-sales before they will fund construction. The threshold varies but typically falls between 50% and 70% of total project value for residential developments. For commercial or mixed-use projects, higher pre-sale thresholds are common, sometimes reaching 80% or more. The exact percentage depends on the lender's risk appetite, the location, and the borrower's track record.

Not all pre-sales are treated equally. Lenders look at the deposit amount: 10% is standard, and deposits held in the solicitor's trust account are preferred. They also check the identity of the buyer. Sales to related parties or to buyers with weak deposit funding may be discounted or excluded from the pre-sale count. The pre-sale agreement itself should be unconditional or have only minor conditions such as finance, which should have a sunset clause of a reasonable period.

Pre-sales also carry risks for the developer. If construction is delayed, buyers may walk away, especially if the market has softened. If settlement values fall below the original contract price, buyers may struggle to obtain their own finance. Developers should have a fallback plan, such as sufficient equity or a secondary funding line, in case a significant number of pre-sales fail to settle.

Working with a mortgage adviser who understands development finance can help structure the pre-sale requirement in a way that aligns with the project timeline and the lender's criteria.

预售是在施工完成之前出售开发项目中单元或地块的远期合同。这是贷款机构评估开发贷款申请时考虑的最重要因素之一。

从贷款机构的角度来看，预售有两个目的：它们证明在预期价位存在真实的市场需求，降低了完工后单元滞销的风险；同时它们提供了明确的还款路径: 预售的交割资金可用于偿还开发贷款，无论是部分还是全部。

大多数贷款机构在放款施工前要求达到最低预售水平。门槛各异，但住宅开发项目通常在项目总价值的 50% 到 70% 之间。对于商业或混合用途项目，更高的预售门槛很常见，有时达到 80% 或以上。具体比例取决于贷款机构的风险偏好、地点以及借款人的过往记录。

并非所有预售都被同等对待。贷款机构会关注定金金额: 10% 是标准，且优先选择存放在律师信托账户中的定金。他们还会检查买家的身份。向关联方或定金资金不足的买家出售可能被打折或排除在预售计数之外。预售协议本身应是无条件的，或仅有如融资等次要条件，且应设有合理期限的日落条款。

预售对开发商也有风险。如果施工延误，买家可能会离开，尤其是在市场疲软的情况下。如果交割价值低于原始合同价格，买家可能难以获得自己的融资。开发商应制定备用计划，例如足够的净值或二级融资渠道，以防大量预售未能完成交割。

与了解开发融资的贷款顾问合作，有助于以一种既符合项目时间表又满足贷款机构标准的方式来安排预售要求。

Points to keep in mind需要留意的事项

• Read the details alongside your own figures, timing, and documents.请结合自己的数字、时间安排和材料阅读这些内容。
• Use this article to prepare questions. Current lender criteria and personal circumstances still need to be checked.把文章当作准备问题的起点，具体贷款机构政策和个人情况仍需进一步确认。

Questions people often ask常见问题