Development funding starts with feasibility, not just land value.开发融资从可行性开始，不只是土地价值。

Development feasibility — what lenders look for in a proposal

开发可行性——贷款机构看重什么

A development loan is not approved on the strength of the borrower alone. Lenders evaluate the project itself as a business proposition and need to be convinced that the numbers work before committing funds.

开发贷款的批准不仅仅取决于借款人的实力。贷款机构会将项目本身作为商业提案来评估，并且需要在放款前确信数据是可行的。

The starting point is a comprehensive feasibility study. Lenders expect to see a clear breakdown of all costs: land acquisition, demolition or site preparation, construction, professional fees for architects and engineers, consent and council charges, marketing and sales costs, and holding costs such as rates and interest during the build. Each item should be supported by a recent quote, a contract, or a quantity surveyor's estimate.

第一步是全面的可行性研究。贷款机构希望看到所有成本的清晰分解：土地购置、拆除或场地准备、建筑、建筑师和工程师的专业费用、审批和议会收费、营销和销售成本，以及持有成本（如施工期间的税费和利息）。每项都应有近期报价、合同或工料测量师估算作为支撑。

The gross realisation value, or GRV, is the estimated total revenue from selling the completed project. Lenders typically lend up to 60-70% of GRV for development finance, though this varies. The feasibility study must show that the GRV comfortably exceeds total costs by a margin sufficient to cover interest, selling costs, and a reasonable profit. A common benchmark is a minimum 15-20% profit margin on cost before lenders will proceed.

总实现价值（GRV）是出售完工项目的预估总收入。贷款机构通常按 GRV 的 60%-70% 发放开发贷款，具体比例有所不同。可行性研究必须证明 GRV 充分超过总成本，差额足以覆盖利息、销售成本和合理利润。一个常见的基准是成本利润率至少达到 15%-20%，贷款机构才会继续推进。

Borrower experience matters significantly. Lenders prefer developers with a track record of completing similar projects on time and on budget. First-time developers may still obtain finance, but terms are tighter — lower loan-to-value ratios, higher interest rates, and more prescriptive drawdown conditions. A strong team including an experienced builder, a project manager, and a reputable quantity surveyor can compensate for a borrower's lack of development history.

借款人的经验非常重要。贷款机构偏好有按时按预算完成类似项目记录的开发展。首次开发者仍可能获得融资，但条件会更严格——较低的贷款价值比、较高的利率和更具体的提款条件。一个由经验丰富的建筑商、项目经理和信誉良好的工料测量师组成的强大团队，可以弥补借款人开发经验的不足。

Exit strategy is critical. The lender wants to know exactly how the loan will be repaid. The most common exit is unit sales to end buyers or an investor. Pre-sales are strongly preferred because they demonstrate market demand and reduce the lender's risk. An alternative exit may be refinancing to a lower-rate investment loan once the development is completed and tenanted, but this requires a different valuation basis and is not always guaranteed.

退出策略至关重要。贷款机构需要确切了解如何偿还贷款。最常见的退出方式是向终端买家或投资者出售单元。预售强烈受到青睐，因为它能证明市场需求并降低贷款机构的风险。另一种退出方式可能是在开发项目完工并出租后，转贷为较低利率的投资贷款，但这需要不同的估值基础，且并非总能保证。

A well-prepared feasibility report that addresses these points increases the likelihood of approval and may improve the terms offered.

一份涵盖以上要点的充分准备的可行性报告，能提高获批的可能性，并可能改善贷款条件。

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.

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。

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.

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。

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.

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。

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.

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。

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.

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。

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.

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。

Staged vs full development — financing strategy differences

分阶段开发与整体开发——融资策略差异

Developers can approach a project in two broad ways: build everything in one stage, or break the work into phases. Each approach suits different project types and has distinct financing implications.

开发商可以通过两种主要方式推进项目：一次性全部建成，或分阶段进行。每种方式适用于不同的项目类型，并且具有不同的融资影响。

A full-stage, or single-stage, development completes all units or lots before any sales settle. This is common for smaller projects such as a duplex, a three-townhouse development, or a small apartment block. Financing a single-stage development is relatively straightforward because the lender can assess the entire project once and structure a single loan with staged drawdowns matching the construction timeline.

整体开发（或单阶段开发）是指在所有销售结算之前完成全部单元或地块。这常见于较小的项目，如双拼住宅、三栋联排别墅开发或小型公寓楼。单阶段开发的融资相对直接，因为贷款机构可以一次性评估整个项目，并构建与施工时间表匹配的单一贷款及分阶段提款。

Single-stage financing usually offers lower overall interest costs because there is a single facility with one set of fees. The trade-off is that all construction risk is concentrated: if the market softens during the build, all completed units are exposed at once. Borrowers need sufficient holding power to service the loan until all units sell.

单阶段融资通常提供较低的整体利息成本，因为只有一个贷款设施和一套费用。代价是所有施工风险集中：如果施工期间市场疲软，所有完工单元将同时面临风险。借款人需要足够的持有能力来偿还贷款，直到所有单元售出。

Staged or phased development splits the project into separate stages, each treated as an independent sub-project. Stage one may build and sell the first four townhouses before stage two begins on the next four. This model is common for larger subdivisions and multi-stage apartment towers.

分阶段开发将项目拆分为独立的阶段，每个阶段被视为独立的子项目。第一阶段可能先建造并出售前四栋联排别墅，然后第二阶段再开始建造接下来的四栋。这种模式常见于大型土地分割和多阶段公寓楼项目。

The financing structure for staged development is more complex. Each stage often requires its own loan application, valuation, and pre-sale condition. The lender will want to see that revenue from stage one is sufficient to repay that stage's debt and provide equity for stage two. Cross-collateralisation of the land is common, meaning the land title secures all stages, which can complicate refinancing later.

分阶段开发的融资结构更为复杂。每个阶段通常需要自己的贷款申请、估值和预售条件。贷款机构希望看到第一阶段的收入足以偿还该阶段的债务，并为第二阶段提供净值。土地交叉抵押很常见，即土地产权担保所有阶段，这可能会使以后的转贷变得复杂。

A key advantage of staging is risk reduction. Early stages test the market at a smaller scale; if demand is weaker than expected, the developer can delay or resize later stages. Cash flow is also smoother because sales revenue from early stages can fund later construction. However, staging extends the overall timeline, and holding costs such as rates and compliance fees continue throughout.

分阶段的一个关键优势是降低风险。早期阶段以较小的规模测试市场；如果需求低于预期，开发商可以推迟或调整后期阶段。现金流也更顺畅，因为早期阶段的销售收入可以为后期建设提供资金。然而，分阶段延长了整体时间线，持有成本（如税费和合规费用）会持续产生。

The choice between staged and full development depends on the project size, the developer's equity position, and the lender's policies. An adviser can help model both scenarios to determine which structure offers the best balance of risk and return.

分阶段开发与整体开发之间的选择取决于项目规模、开发商的净值状况以及贷款机构的政策。专业顾问可以帮助模拟两种情景，以确定哪种结构能提供最佳的风险与回报平衡。

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。