Ann: $5 million to fund development of Isabel Nickel Project, page-33

Actually, they don't. They RECEIVE payments in stages (called progress claims) that's set out as per the 1991 home building contracts act and its managed by the BRB (Builders Rego Board)

But NO builder starts a project without 100% of the costs known & 100% of the funding in place PRIOR to commencement.

Unless YOU are the builder yourself, and YOU own the land (ie it has no mortgage on it) & YOU are financing the deal yourself, YOU cannot do what you claim. And even if you were all of this, you wouldn't start a project without knowing ALL costs prior to commencement & you had 100% funding in place. That's just stupid and you wouldn't find 1 builder / developer in their right mind who would.


If you engaged a registered builder to build your town houses, you would have given (or your bank has) a finance approval letter to the builder for the ENTIRE contract value of ALL TOWNHOUSES (less any deposits) prior to him starting.

If you have a mortgage on your land you're building on, you wouldn't even have had this choice. Your bank wouldn't have let you do this because the lender owns your land & town houses, not you....

...unless you are the builder, you own the land, and you are paying cash for your development. Then you CAN do what you claim...

But being a builder for 20yrs, I wouldn't even start a project for myself unless it was at least 90% costed and financed & I was confident I knew where the last 10% was.

Quickest way to burn cash...quicker than the stupid commodities market!!

People steal unfinished projects.


Jazz was right in his analogy. I don't claim he was right in whatever else he was saying, but he was about how financing construction projects work.


(Depending on the value of your Town Houses, you may not have fallen under the Home Building Contracts Act.)