In addition to funding packages, Cressida provides underwrites to property investors and developers to support their mainstream development funding applications.

Mainstream lenders require that a minimum level of pre-sales is achieved prior to the commencement of the development. These pre-sales provide two key elements, validation of the acceptability and current market value of the end product, and a clear path to the repayment of the development funds. In the current development environment pre-sales are proving difficult to achieve with out significant discounting. This isn’t an appealing option to the developer as it devalues completed stock and undermines project margins and therefore project feasibility.

Underwrites are a flexible and attractive alternative:

  • An underwrite represents an option to purchase that can be exercised by the mainstream funder at an agreed time post completion of the project
  • Underwrites can be used to satisfy pre-sale hurdles
  • The developer retains the flexibility to sell the underwritten property at 100% of market value during the development and for a pre-agreed term post completion
  • The development funder has certainty of repayment on project completion from additional sales achieved and/or the exercise of the underwrite

An underwrite is only effective if the development funder has confidence in the underwriter’s ability to settle their obligation. Cressida has strong ties to all the major trading banks and can provide clear evidence of our ability to satisfy any underwrite obligation.

Should you wish to discuss your underwrite options further please contact Nigel Staples on (09) 918 5842 or nstaples@cressida.co.nz




To discuss your requirements further contact:


Bruce McGhie

Phone +64 (9) 918 5839
Mobile 021 912 006


Nigel Staples

Phone +64 (9) 918 5842
Mobile 021 687 848


Marty Shepherd

Phone +64 (9) 918 5851
Mobile 021 715 200