Issue link: https://viewer.e-digitaleditions.com/i/222315
PROPERTY Laying the foundations Property development takes years—but it all starts with a project and funding. Westpac Property client David Knight of TDF Projects shares his insights about the process of funding and beyond WORDS: AMAL AWAD Three years ago Westpac Commercial started a specialised property segment for south-east Queensland for clients operating up to $20 million. Geoff Dick, Head of Westpac Property in Queensland, says it was counter-cyclical, with a focus on looking after long-proven clients: "Two years ago we were still concentrating on existing clients; a year ago we started aggressively taking on developers from other banks." One such existing client was boutique residential development company TDF Projects. "They had a good delivery record, experienced professionals—within the partnership they've got quantity surveying 8 Industry Focus skills, estimating skills and building skills," says Dick. For David Knight, partner at TDF Projects, a strong relationship with Westpac has been a core component of his company's development success. "They have shown a confidence in our business model that few, if any, other residential developers would be achieving," he says. "This mutual respect has grown over the years mainly due to our control of the project numbers, from inception to completion, and their ability to look not only at the numbers but to also look at and understand the end product as well as the team driving it." In response to a tighter market, TDF has adjusted the way it approaches funding, including the loan-to-value ratio in its feasibility studies, to fit financial requirements over recent years. Knight says this inevitably means more money up-front from their side. "Our planning/management strategy hasn't changed all that much," he adds, saying that quality, well-priced, well-located property always sells. "Having been through the mid-to-late '90s as well as the post-GFC dramas, our belief of 'Don't develop anything you're not prepared to live in yourself, because you may have to one day,' keeps us honest." Formed in 2000, TDF Projects is led by