Child Care Centre Construction Finance
Some key child care construction parameters are as follows:
– loan can be up to 80% of direct project costs and up to 65% of the Day one value of the child care centre (ie the value on Day one when it opens its doors with at least a 50% waiting list).
– relevant experience in the industry also is a key factor.
If there will be a management company the lender would need to have details re that company’s experience and also see that a management agreement will be entered into before drawdown of the loan.
The lender will require the following information to be able to properly assess the child care centre construction finance:-
- Last 2 years personal tax returns including FY2014
- Last 2 years P&L and balance sheet for any company/trust entities including FY 2014
- Copies of any recent valuations (if applicable)
- Last 6 mths bank statements – main trading and loan accounts
- ATO tax portals and last 6 mths running statements confirming all taxes (including land taxes) and statutory payments are paid and up to date
- statement of financial position
- Asset Finance requirements (eg equipment, computers, vehicles etc)
- Business plan and CFF for the new centre
- Fixed time, fixed price building contract
- Copy of DA
- Child care Management experience/management company
- Builder experience
- Other information as required
The above application criteria for child care centre construction finance is subject to full credit approval by the lender.
For more details of child care construction finance please call us.