Stalled site? An indicative answer on completion funding, usually within 2 business days.
- Indicative assessment within 2 business days, settlement typically 2 to 8 weeks
- Loans from $200K to $20M, sized on cost to complete and the finished value
- Developers, investors and commercial owners of multi-unit, mixed-use and commercial projects
- Builder collapse, cost overruns, a facility that has run out, and a new builder to engage
- Full-doc (tax returns), low-doc or alt-doc (BAS, bank statements or an accountant's letter instead) and no-doc options across our 90+ lender panel
The builder is gone. The slab, frame and deadline are still yours. Or the builder is still on site, but the costs have run past what the facility will pay. Either way, the project has to be finished before it can be sold, leased or refinanced. Construction completion finance funds the work that is left. It can sit behind your existing lender as a top-up, or replace that lender with one facility sized to finish the job. Lenders assess it on a fresh cost-to-complete report, a new builder and the value of the finished project. Joseph Farhat and his team can help you work out which path fits your site, and give you an honest early answer on what is fundable.
Who we can help access finance
- Developers whose builder has stopped work part way through a townhouse, unit or mixed-use project.
- Owners of a commercial building, such as a warehouse, office or retail space, left unfinished when the head contractor left site.
- Developers whose costs have overrun past the facility limit, with the existing lender unwilling to increase it.
- Investors holding a multi-unit project to rent, who need it finished before the long-term loan can settle.
- Owners who have a new builder ready to quote, and need funding confirmed before that builder will sign.
- Developers whose construction facility has expired or is close to its end date with the build incomplete.
- Borrowers with presale buyers waiting on a sunset date, where finishing on time protects the contracts.
How Construction Completion Finance Works
Everything starts with a cost-to-complete report. An independent quantity surveyor inspects the site and sets out what has been built, what is left, what the remaining work will cost at current prices, and a contingency for defects found along the way. A valuer then confirms what the project will be worth once finished. Lenders size the facility against both figures. The loan-to-value ratio (LVR), the loan as a share of the property's value, is measured against the finished value. The new builder contract, at a fixed price where possible, ties the numbers together.
There are two main structures. A top-up sits behind the existing lender as a second-ranking facility, and the first lender usually needs to consent to it. A refinance pays out the existing lender in full and replaces it with one facility that covers the balance owing plus the cost to complete. Some existing lenders will also consider varying their own facility once a new builder and a fresh report are in place. Which structure works depends on the existing loan terms, the equity left in the project, and how much time the facility has to run. Joseph Farhat and his team review the report, the existing facility and the new contract, match the project to the right lender from the 90+ panel, and manage the application through to the first draw.
Speed matters on a stalled site for practical reasons. An unfinished structure is exposed to weather. An empty site needs fencing and security. Interest and holding costs keep running while nothing is being built. Insurance claims and any legal action against the original builder run on a separate track, often for months, and the finance is assessed on the project rather than on the outcome of a claim. We are a finance broker, not a lawyer. Speak to your lawyer about the original building contract before a new builder is engaged.
What Lenders Assess for Construction Completion Finance
Cost to complete
an independent quantity surveyor report on the remaining work, the price to finish it, and a contingency. Lenders rely on this figure more than any other.
The new builder
licence, insurance, financial standing and recent projects of similar scale. A fixed price contract for the remaining work is the strongest position.
On-completion value
an independent valuation of the finished project, supported by comparable sales or rents for the asset type.
Equity left in the project
the gap between total debt, including the new funding, and the finished value. This decides whether a top-up or a full refinance is available.
The existing facility
the balance owing, the expiry date, any default notices, and whether the first lender will consent to a second-ranking loan.
Condition of the work done
defects, weather damage or non-compliant work found by the surveyor change the cost and the timeline, and lenders want them identified up front.
The exit
sale of the finished stock, settlement of presales, or a long-term refinance. Lenders test whether the exit still works on the revised timeline.
The Construction Completion Finance Process: What to Expect
- Talk to Joseph Farhat and his team about the project, where the build stopped, and what the existing lender has said. You will get an honest read on whether completion funding is realistic, including if the numbers are too tight.
- Provide the basics: the existing loan statement and facility terms, the plans and approvals, any new builder quote or contract, recent photos, and a cost-to-complete report if one exists. We can tell you what the lender will need if it does not.
- We match the project to the lenders on the panel most likely to fund it, as a top-up, a refinance or a combination. Appetite for stalled projects is narrower than for a fresh build, so this step decides most outcomes.
- The lender orders its own valuation and quantity surveyor review, then issues an approval setting out the limit, rate, structure, drawdown schedule and conditions. We go through it with you before you sign anything.
- The facility settles, the existing lender is paid out or consents, and the new builder returns to site. Funds are released in progress draws against surveyor certification through to completion, then sales or the long-term refinance repay the loan.
Indicative Finance Options
| Lender Type | Indicative Rate | Max LVR | Typical Loan Range | Loan Term | Key Consideration |
|---|---|---|---|---|---|
| Bank | Rarely funds a stalled project as a new lender. An existing bank lender may consider varying its own facility once a new builder is engaged. | ||||
| Non-Bank Lenders | From ~9.5% p.a. | Up to 65% of on-completion value | $200K to $20M | 6 to 24 months | Full refinance or second-ranking top-up; alt-doc and low-doc options |
| Private Finance | From ~1.1% per month | Up to 70% of on-completion value | $500K to $20M | 3 to 18 months | Available for unique scenarios |
Indicative figures only. Actual rates and terms depend on your project, financial position, property location, and lender assessment at the time of application. Rates are subject to change.
Why borrowers choose Settled With Joe for construction completion finance
We represent you, not the lender
Joseph Farhat and his team act in your interest from the first conversation through to completion.
Stalled-site appetite is narrow
plenty of lenders fund a fresh build, far fewer will step into a half-finished one, and we know which do.
Top-up or refinance, assessed side by side
we compare a second-ranking facility with a full refinance on cost, consent and timing, so you see both before choosing.
The cost-to-complete report is built for the lender
we tell you what the surveyor needs to cover, so the report is not redone at the lender stage.
The new builder is part of the assessment
we check early that the builder you have in mind will satisfy the lender, before a contract is signed.
One conversation, not five applications
a stalled project is time-sensitive, an application to the wrong lender costs weeks the site does not have, and each credit enquiry is recorded on your file.
90+ lenders on one panel
bank, non-bank and specialist, so a project with strong equity and full financials can go to a bank at a sharper rate, and a tight scenario still has options.
Private finance for unique scenarios
where bank and non-bank lenders are not the right fit, we can introduce you to private finance options.
Usually no direct cost to you
as a broker we are typically paid by the lender on settlement.
An honest answer early
if the facility expires soon or a sunset date is close, tell us early and we will tell you what is realistically achievable.
Frequently asked questions
What is construction completion finance?
Construction completion finance funds the remaining work on a project that has stalled, usually because the builder has stopped work or the costs have run past the original facility. It is sized on an independent cost-to-complete report and the value of the finished project. It can sit behind the existing lender as a top-up or replace that lender entirely. Funds are released in stages as the new builder completes the work, and the loan is repaid from sales or a long-term refinance once the project is finished.
Can I borrow to finish with a new builder?
Yes, and that is the usual scenario. Lenders want to see the new builder before they approve: licence, insurance, financial standing and a contract for the remaining work, ideally at a fixed price. The new builder normally inspects the site and prices the job from where it stopped, including any defects in the existing work. Before signing with a new builder, speak to your lawyer about where the original contract stands. Joseph Farhat and his team can then tell you which lenders on the panel will accept the builder and the price.
Will the existing lender need to agree?
It depends on the structure. A top-up that sits behind the existing lender usually needs that lender to consent, and the terms of that consent are set out in a document between the two lenders. A full refinance pays the existing lender out, so its consent is not needed, though you will need a payout figure and the discharge to be arranged at settlement. Some existing lenders will also consider extending or increasing their own facility once a new builder and a fresh cost report are in place. We look at all three before an application goes in.
What about insurance claims?
Insurance claims and any legal claims connected to the original builder run separately from the finance. They can take months to resolve, and lenders do not rely on the outcome when assessing completion funding. Your lawyer and insurer are the right people to advise on any claim. We do not comment on claims or on outcomes for the original builder.
How quickly can completion funding be arranged?
An indicative assessment is usually possible within 2 business days once we have the existing loan details, the plans and an estimate of the remaining cost. Settlement typically takes 2 to 8 weeks, because the lender needs a valuation, a quantity surveyor review, a new builder contract and, for a top-up, the existing lender's consent. If you do not have a cost-to-complete report yet, we can tell you what the lender will expect it to cover.
Can I get construction completion finance with low-doc, no-doc, or alt-doc?
Often, yes. Completion funding is assessed mainly on the project: the cost to complete, the finished value and the exit. Several non-bank lenders on the panel will proceed on BAS, bank statements or an accountant declaration rather than full financials. No-doc options exist for projects with strong equity, at a lower LVR and a higher rate. The cost-to-complete report and the new builder contract are needed whatever documentation path you take.
Do you work with borrowers with bad credit?
Yes, we do. A default, arrears on the existing facility or a mark on your file does not rule you out, and it is not something we will make you feel awkward about. When a builder leaves site, loan arrears and missed payments to others often follow, and lenders who fund stalled projects understand that. Several lenders on our panel weigh the equity in the project, the cost to complete and the exit more heavily than the credit file, and will price for the risk rather than decline it. What helps most is telling us early, so we approach the right lender first instead of adding enquiries to your file. Joseph Farhat and his team will tell you honestly what is achievable before you apply anywhere.
Why work with Settled With Joe to arrange your construction completion finance?
Because you get one conversation instead of a round of applications while the site sits idle. Most of the people we help with completion funding are developers, company directors and commercial owners dealing with something time-sensitive: a builder who has left site, a facility that has run out before the work has, a new builder waiting on confirmed funding, or presale buyers with a sunset date. Those situations are not unusual to us and there is no judgement in the conversation. What matters is the cost to complete, the new builder, the equity left in the project and a credible exit. Our panel covers 90+ bank, non-bank and specialist lenders, so a well-documented project can go to a bank at a sharper rate, and there are still options when the scenario is complex or the timing is tight. We are based in Sydney and work with borrowers Australia-wide. Joseph Farhat and his team will tell you honestly and early whether we can help and what is realistically achievable in your timeframe.
Do you give financial advice?
No. We do not guide you on your finances, nor give financial advice. We focus on outcomes and solutions of presenting your unique scenario to the right lender so you can access funding in a timely and compliant manner.
Do you help with construction completion finance outside Sydney?
Yes. Settled With Joe is based in Sydney and arranges construction completion finance Australia-wide, covering both metro and regional areas. We work with clients in Sydney, Melbourne, Brisbane, Perth, Adelaide, and Canberra, as well as regional areas including Newcastle, Wollongong, Geelong, Gold Coast, Sunshine Coast, and Toowoomba. Lender appetite for stalled projects can vary by location and asset type. Joseph Farhat and his team will identify which lenders on the panel are the best fit for your project.
