Development funding starts with a workable feasibility study, not just the value of the land.开发融资从可行性开始，不只是土地价值。
A development loan discussion should connect site details, project costs, presales, developer experience, staged funding, and exit strategy.
开发贷款需要把土地信息、项目成本、预售、开发经验、分阶段资金和退出策略联系起来看。
The exit strategy carries weight.退出策略很有分量。
The intended exit, whether sale, refinance, hold, or staged release, affects how lenders view the project.
出售、转贷、持有或分阶段释放，都可能影响贷款机构偏好和结构。
Learn more about development finance了解更多开发融资知识
Development feasibility: what lenders look for in a proposal
开发可行性：贷款机构会看什么
A development loan is assessed on the project as well as the borrower. The lender needs to see that the costs, value, timing and repayment plan work together.
开发贷款会同时评估借款人和项目本身。贷款机构需要确认成本、价值、时间安排和还款计划能够互相匹配。
A feasibility study should cover land, demolition or site preparation, construction, professional fees, consents and council charges, marketing, sales costs, rates and interest during the build. Support the assumptions with current quotes, contracts or a quantity surveyor's estimate.
可行性报告应包括土地、拆除或场地准备、建筑、专业费用、审批和议会收费、营销、销售成本，以及施工期间的地税和利息等持有成本。每项假设都应尽量用最新报价、合同或工料测量师估算支持。
Gross realisation value (GRV) is the estimated revenue from selling the completed project. Lenders may lend around 60% to 70% of GRV, depending on the project. The feasibility should leave room for interest and selling costs as well as a reasonable profit. A commonly used benchmark is a 15% to 20% profit margin on cost, but each lender has its own test.
总实现价值（GRV）是项目完工后预计出售所得的总收入。贷款机构可能按 GRV 的约 60% 到 70% 提供开发融资，具体取决于项目。可行性报告还要留出利息和销售成本，并保留合理利润。15% 到 20% 的成本利润率常被用作参考，但每家机构的评估标准不同。
Experience matters. A first-time developer may still obtain finance, but the lender may require lower leverage, a higher rate or tighter drawdown conditions. An experienced builder, project manager and quantity surveyor can strengthen the proposal.
开发经验会影响审批。首次开发者仍可能获得融资，但贷款机构可能要求较低杠杆、更高利率或更严格的提款条件。经验丰富的建筑商、项目经理和工料测量师可以增强申请的可信度。
The lender also needs a clear exit. That may be sales to end buyers or investors, or a refinance after completion and leasing. Pre-sales can support the exit, but neither sales nor a later refinance is guaranteed.
贷款机构还要看到清楚的退出路径，例如出售给终端买家或投资者，或者在完工并出租后转为投资房贷款。预售可以支持还款计划，但预售和之后的转贷都不能保证。
Pre-sales and their role in development funding
预售在开发融资中的作用
A pre-sale is a contract to sell a unit or lot before construction is complete. Lenders use pre-sales as evidence of demand and as part of the proposed repayment plan.
预售是指在项目完工前，先签订出售单元或地块的合同。贷款机构会把预售视为市场需求的证明，也会把它纳入还款计划评估。
Residential developments often need pre-sales covering around 50% to 70% of total project value before construction funding is released. Commercial or mixed-use projects may need more, sometimes 80% or above. The threshold depends on the lender, location and developer's track record.
住宅开发项目在获得施工融资前，通常需要覆盖项目总价值约 50% 到 70% 的预售。商业或混合用途项目可能需要更高比例，有时达到 80% 或以上。具体门槛取决于贷款机构、地点和开发商的过往记录。
Lenders review the deposit, the buyer and the terms of each agreement. A 10% deposit held in the solicitor's trust account is commonly preferred. Related-party sales or buyers with weak deposit funding may be discounted or excluded. Finance conditions should also have a clear and reasonable sunset date.
贷款机构会查看定金金额、买方情况和合同条款。存放在律师信托账户中的 10% 定金通常更容易被接受。关联方交易或定金资金不足的买方，可能不被完整计入预售。融资条件也应有清楚且合理的到期日期。
Pre-sales do not remove project risk. Delays can cause buyers to withdraw, and a fall in value can make it harder for them to obtain their own finance. Keep a fallback plan, such as additional equity or a secondary funding line, if settlements do not occur as expected.
预售不能消除项目风险。施工延误可能导致买方退出，房价下跌也可能让买方难以取得自己的贷款。建议准备额外净值或二级融资渠道，以应对部分交易无法交割的情况。
An adviser familiar with development finance can help match the pre-sale structure with the project timetable and the lender's conditions.
熟悉开发融资的顾问可以协助把预售结构、项目时间表和贷款机构条件放在一起安排。
Staged or full development: financing differences
分阶段开发还是整体开发：融资差异
A project can be completed in one stage or divided into phases. The better approach depends on the project size, market and the developer's ability to fund the work between sales.
项目可以一次性完成，也可以拆成多个阶段。哪种方式更合适，要看项目规模、市场情况，以及开发商能否在销售之间持续提供资金。
A single-stage project completes all units or lots before sales settle. This is common for a duplex, a small townhouse project or a small apartment block. The lender can assess the whole project once and structure one facility with staged drawdowns.
单阶段项目会在销售交割前完成全部单元或地块，常见于双拼、小型联排项目或小型公寓楼。贷款机构可以一次性评估整个项目，再根据施工进度安排一个贷款额度分批提款。
One facility can mean fewer fees and lower overall interest, but it concentrates construction and sales risk. If the market weakens during the build, every completed unit is exposed at the same time. The borrower needs enough holding capacity until the sales settle.
只有一个贷款额度可能意味着费用更少、整体利息更低，但施工和销售风险也会集中。如果施工期间市场转弱，全部完工单元会同时面临销售压力。借款人需要有足够的持有能力，直到销售完成交割。
A staged project treats each phase as a smaller sub-project. Early stages can test demand and generate funds for later work, but each stage may need its own valuation, application and pre-sale condition. Cross-collateralisation of the land can also make a later refinance more complicated.
分阶段开发把项目拆成较小的子项目。早期阶段可以先测试需求，并用销售收入支持后期工程，但每个阶段可能都要单独估值、申请贷款和满足预售条件。土地交叉抵押也可能让以后转贷更复杂。
Staging may reduce exposure, but it extends the programme and keeps rates, compliance fees and other holding costs running for longer. Compare both structures using realistic sales, cost and timing assumptions.
分阶段可以降低一次性风险，但会拉长项目周期，地税、合规费用和其他持有成本也会持续更久。比较时要采用现实的销售、成本和时间假设。
Development lending pressure points开发贷款压力点
Feasibility is thin可行性不够扎实
Costs, sale values, timing, contingency, and margin need to make sense together.
成本、销售价值、时间、预备金和利润空间需要整体成立。
Presales may be required可能需要预售
Some pathways may depend on presales, valuation, or stronger borrower support.
部分路径可能依赖预售、估值或更强的借款人支持。
Experience matters开发经验重要
Developer experience, project team, and builder capability can affect confidence.
开发经验、项目团队和建筑商能力都会影响信心。
What we help organise我们协助整理什么
Site and project overview项目用地与概述
Site, consent status, number of units, scope, timeline, and project team.
土地、审批状态、套数、范围、时间和项目团队。
Costing and feasibility成本与可行性
Land cost, build cost, professional fees, contingency, gross realisation, and margin.
土地成本、建筑成本、专业费用、预备金、预计销售总额和利润空间。
Presales and exit预售与退出
Presales, staged drawdowns, security, repayment source, and exit plan.
预售、分阶段放款、抵押、还款来源和退出计划。
Common development scenarios常见开发融资场景
Small residential development小型住宅开发
Review feasibility, build contract, sale values, and funding stages.
复盘可行性、建筑合同、销售价值和融资阶段。
Land already owned已经持有土地
Assess available equity, consent status, project costs, and funding gap.
评估可用净值、审批状态、项目成本和资金缺口。
Refinance or exit after completion完工后转贷或退出
Plan whether the exit is sale, rental hold, refinance, or staged sell-down.
规划退出是出售、出租持有、转贷还是分阶段出售。
How the first review works初步评估流程
Share the project summary提供项目概要
Site, scope, consents, timeline, team, and target outcome.
土地、范围、审批、时间、团队和目标结果。
Review feasibility复盘可行性
Costs, gross realisation, contingency, margin, and presales position.
成本、预计销售总额、预备金、利润空间和预售情况。
Identify funding gaps识别融资缺口
Clarify what may need strengthening before approaching a pathway.
明确在推进融资路径前需要加强的部分。
FAQ
Site, consent status, project costs, valuation, presales, developer experience, security, and exit strategy can all matter.
土地、审批、项目成本、估值、预售、开发经验、抵押和退出策略都可能重要。
Sometimes. Requirements vary by project size, borrower strength, lender appetite, and exit strategy.
有时需要。要求取决于项目规模、借款人实力、贷款机构偏好和退出策略。
A stronger project team, builder, feasibility, and contingency may become more important.
项目团队、建筑商、可行性和预备金会变得更重要。
Development funding may be staged against project milestones, valuation, quantity surveyor reports, or lender requirements.
开发资金可能按项目节点、估值、QS 报告或贷款机构要求分阶段释放。
Preparing a development project?正在准备开发项目？
Send the project summary, feasibility, and timing to start the conversation.
提交项目概要、可行性和时间安排，先开始梳理。