NBR understands the bank will roll over its loan in the Du Val build-to-rent fund, with the proviso that Du Val is no longer involved in any capacity.
Developer of waterfront development has locked the project manager and builder out, citing ‘non-performance’ and budget overruns.
Prospective buyers of Du Val Group apartments and townhouses are being left high and dry as banks and non-bank lenders back out of approved mortgage loans in the stricken group’s residential developments.
Sidelined contracting firm says ballooning costs for removal of storm damaged homes smacks of council ‘incompetency’.
The firm is now set to ‘weather the storm’, which won’t be the case for other industry players, founder Chris Meehan says.
Early estimate of property group’s debt will ‘undoubtedly change’, statutory manager adds.
Property syndicate manager alleges a lawsuit filed over investor losses has an ulterior motive.
Property investors – in the crosshairs of the Reserve Bank and policymakers for several years – are set to once again become hunters, as Kiwibank calls a 3.25% drop in interest rates.
However, Christ Church Cathedral Reinstatement Ltd isn’t walking away entirely.
Seismic tech firm banking on some of the US$1b budgeted for Californian hospital upgrades.