The Building Loan Agreement is essential for construction projects in New Zealand where specific financing is required for building works. This document is typically used when a borrower needs funding for new construction, major renovations, or development projects. The agreement combines elements of traditional loan documentation with construction-specific provisions, ensuring compliance with New Zealand's building regulations and financial services laws. It includes detailed mechanisms for staged drawdowns based on construction progress, security arrangements, and specific conditions relating to building consents and approvals. The document is designed to protect both the lender's security interest and the borrower's construction objectives while ensuring compliance with regulatory requirements for both construction and lending activities.
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1. Parties: Identifies the lender, borrower, and any other key parties to the agreement
2. Background: Sets out the context of the loan, including the purpose for construction financing and brief property details
3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes interpretation rules
4. Loan Facility: Details of the loan amount, purpose, and general terms of availability
5. Conditions Precedent: Prerequisites that must be satisfied before the loan becomes available
6. Drawdown Procedures: Process and requirements for accessing loan funds, including construction progress payments
7. Interest and Fees: Specifies interest rates, calculation methods, and all applicable fees
8. Repayment Terms: Details of how and when the loan must be repaid, including any staged repayment requirements
9. Security: Description of security arrangements, including mortgage and other security interests
10. Construction Requirements: Obligations regarding the construction process, approvals, and compliance
11. Representations and Warranties: Statements of fact and assurances given by the borrower
12. Borrower Covenants: Ongoing obligations of the borrower during the loan term
13. Events of Default: Circumstances that constitute default and their consequences
14. General Provisions: Standard contract clauses including notices, amendments, governing law
1. Guarantees: Required when there are guarantors for the loan
2. Insurance Requirements: Detailed insurance obligations beyond standard requirements
3. Cost Overrun Facility: Additional facility to cover potential construction cost overruns
4. Environmental Requirements: Special conditions for environmentally sensitive construction or green building requirements
5. Project Management: When specific project management requirements or third-party oversight is required
6. Quantity Surveyor Provisions: When a quantity surveyor is required to certify construction progress
7. Pre-sale Requirements: When the loan is conditional on achieving certain pre-sale targets
8. Development Conditions: For projects requiring specific development or planning approvals
1. Property Details: Legal description and details of the property being constructed
2. Construction Specifications: Detailed plans, specifications, and construction requirements
3. Drawdown Schedule: Detailed schedule of construction stages and corresponding payment milestones
4. Fee Schedule: Comprehensive list of all fees and charges
5. Required Insurances: Details of required insurance policies and coverage
6. Form of Drawdown Notice: Template for requesting loan drawdowns
7. Construction Timeline: Project timeline with key milestones and completion dates
8. Security Documents: Forms of security documents and guarantees
9. Consents and Approvals: Copies of required building consents and approvals
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