Ingenia has informed the ASX that, in partnership with Andrew Ralph’s Land Lease Home Loans, they have backed the first-ever funding solution for prospective residents unable to afford to move into one of its land lease communities.
After 18 months of negotiations with Land Lease Home Loans, seed capital and initial funding for loans will be made available to new residents in Ingenia’s communities.
Mr Ralph’s Land Lease Home Loans, as we reported in February, was aiming to provide residents of land lease communities similar financing opportunities to those available to a traditional home-and-land homeowner.
“After many years of effort, undertaking meetings with literally scores of financiers who may have seen the opportunity but were not prepared to commit to offering a realistic solution, this is a great outcome. We have seen the tremendous success of this market in the US where the provision of funding is commonplace and have been very keen to support the introduction of a well thought out and well executed finance solution for prospective residents who may require a modest loan to facilitate their move to a community,” said Ingenia Communities Group CEO Simon Owen (pictured above).
“This funding solution is a natural next step in the growth and maturity of the land lease sector in Australia. We have been working with Andrew Ralph, the founder of Land Lease Home Loans, who shares our vision, to bring this opportunity to market.”
Ingenia will provide $3 million to fund a loan book to be used to exclusively offer amortising loans to customers purchasing a new home in an Ingenia Lifestyle community.
Mr Ralph (pictured above) has agreed to initially launch their offer with Ingenia Communities before expanding to other experienced operators.
