The smarter, fairer finance option for builders
At Squirrel, we like to turn traditional banking on its head. There's no reason why you should be slammed with extra fees and high interest rates to fund your build. That's why we've come up with a better way.
Why use Squirrel for turnkey funding?
- Fair pricing leaves more in your back pocket
- Simple streamlined process means less paperwork
- Get better margins on turnkey
- Faster build times
- More buyers
Three reasons why you should be thinking about turnkey
1. It increases the size of your available market.
A number of buyers can't do house-and-land packages: First home buyers with less than 15% deposit, upgraders with an existing mortgage and retired buyers who need to sell first.
2. Turnkey reduces the risk and speeds up your build.
You control the build process and progress payments rather than leaving it with the buyer and their lender.
3. Chances are, you'll get a higher price.
With turnkey, your buyer also has less risk, finance is easier and they won't have to fund it themselves.
Option 1: Presold turnkey
This is where a builder has a buyer for a property we will fund up to 80% of the agreed purchase price on the sale and purchase agreement (excluding GST.)
No registered valuation is required which saves you money. In most cases we are happy to work with the agreed price provided the buyer is unconditional and has paid a deposit.
Option 2: Spec build turnkey
Squirrel will fund up to 70% of a registered valuation or 70% of land at purchase price for a residential house under construction that has not yet been sold.
If you get a sale part way through, we’re happy to increase it to 80%.
We're committed to helping the NZ build industry improve processes, reduce costs and build more new homes.
Get in touch today and let's discuss what you want to do, and how we can help make it happen.
Progress payments minimise paperwork
Squirrel will advance your funding against our standard progress schedule*, check out the table for the breakdown.
What do you need to provide Squirrel?
For progress payments, we only require a photo of the build and a photo of the latest council inspection.
How do you know if you’re eligible for Squirrel Turnkey lending?
- You will belong to a reputable industry body (Master Builders or
Certified Builders) - Your business will have been trading for a minimum of 2 years
- Good credit history
- Part of a group builder or demonstratable good systems and
controls
Squirrel's credit policy:
- Maximum loan per house build of $1,000,000
- Maximum lending per builder of $2,000,000
- Maximum LVR 70% of registered valuation or 80% of sale price
| Progress | Funds advanced |
|---|---|
| Excavation | 7.50% |
| Floor down | 7.50% |
| Framing complete | 15% |
| Roof on, wrap and cavity | 10% |
| Enclosed | 25% |
| Lined | 15% |
| Prepaint | 10% |
| Completion | 10% |
*We are happy to agree to an adjusted schedule with builders if your build process is different.
Choose the right type of lending for your project
Meet our team of expertsThese advisers live and breathe property, and know the build process inside out.
These advisers live and breathe property, and know the build process inside out.
Not sure who to talk to? No worries
Give us a bell on our main line, or book a chat and someone will give you a call.
Don’t just take our word for it
Raj
New Zealand
Jessica was/is absolutely a pleasure to work with. She works 100% for her clients, a no-nonsense person with precise recommendation. Thank You Jessica
Jo
New Zealand
Highly recommend Squirrel to sort out a mortgage with the banks takes the hassle out of going to separate banks with so much information they do the hard yards for you - Baz was a superstar and helped me all the way to my new home.
Kat
New Zealand
My Adviser Cade was so awesome!! He was very knowledgeable and made the whole process very easy for me. I am also really happy with the mortgage deal he got for me and how quickly everything was arranged and completed. Will definitely be using Squirrel again.
Anonymous
New Zealand
Very happy with Jessica Carr! Easy to talk to and always happy to answer questions.