Broker Codex

Hussein Najm

Constra Capital

Construction and development loans for Individuals, Investors, Builders and Developers.

About My Approach I bring a rare combination of hands-on operational experience and financial acumen to every engagement. My background spans construction management, property development, financial risk management, and private credit; giving me a 360-degree view of a client's needs. Who I Work With I partner with developers, property owners, and property investors, as well as self-employed individuals and company structures, who need someone that speak fluently across disciplines. I understand both the realities of a job site and the mechanics of a credit facility or risk model. Whether a client is operating as an individual, a growing business, or a more complex corporate entity, I tailor my approach to fit their structure and goals. Clients come to me when they need more than a single-lane specialist; they need someone who can see the whole picture and move decisively within it. What Sets Me Apart Most advisors or operators are strong in one lane. I've built my career at the intersection of several: I've managed construction projects on the ground, worked alongside developers to steer projects to a strong outcome, assessed and structured financial risk, and worked directly in private credit markets. That range means I can anticipate problems before they surface whether they're structural, financial, or contractual as I've seen them from multiple angles, not just one. I work fast. Clients consistently tell me I move with a sense of urgency that's rare in this space, without sacrificing diligence or attention to detail. I don't believe speed and thoroughness are trade-offs. My cross-disciplinary base of expertise allows me to get to the right answer quickly, rather than taking the long way around. At the core, my approach is about bringing clarity and momentum to complex, high-stakes situations whilst treating every client relationship, with the same rigor and responsiveness I'd want if I were on the other side of the table.
  • Construction Loans
  • Rural & Regional
  • Low Doc Loans
  • Commercial Property
  • Self-Employed
  • Investment Property
  • Business Finance
  • Refinancing
  • Bridging Finance
  • Adverse Credit
  • Asset Finance

Brighton-Le-Sands, NSW

Qualifications

  • Bachelor of Construction Management and Property
  • Graduate Certificate in Property Development
  • Diploma of Finance and Mortgage Broking
  • Certificate IV of Finance and Mortgage Broking

Memberships

  • MFAA, AFCA

Credit Representative: 579416

Verified by Codex

What is construction lending?
Construction lending is finance provided to build a property where planning and building approvals are involved. Instead of receiving the full loan amount upfront, you draw it down progressively as the build completes. This protects the lender (and you) from paying for work that hasn't actually happened yet.
What is development finance, and how is it different from a construction loan?
Development finance is typically for larger, multi-unit or multi-lot projects. Loan funds are not just for construction but often land acquisition, planning, consultants, and holding costs too. A standard construction loan is usually for a single dwelling. Development finance is structured around a full project feasibility: costs, revenue from sales, and profit margin.
How do progress payments work?
Funds are released in stages tied to construction milestones i.e. base/slab, frame, lock-up, fixing, and completion. Before each drawdown, the lender usually sends a valuer or quantity surveyor (QS) to confirm the work claimed has actually been completed to that stage. On larger construction sites, funds are typically released monthly as per the QS' assessment and not in milestone stages. You (or your builder) submit an invoice, the inspection happens, and funds are released, often within a few business days to a couple of weeks, depending on the lender.
What is a Quantity Surveyor's (QS) role in this process?
The QS acts as an independent check between borrower, builder, and lender. They review the building contract for reasonableness, confirm the cost-to-complete at each stage, and sign off that claimed work has actually been done before funds are released. Their report is often a condition of the loan.
Why can't I just get the full loan amount upfront?
Two reasons: risk and interest cost. The lender wants to verify work is progressing before releasing more money, which protects against builder default or dodgy invoicing. It also means you only pay interest on funds actually drawn, not on the full facility from day one.
How is interest structured?
Many construction loans let you capitalise interest, meaning the interest is added to the loan balance and paid from an "interest budget" set aside within the facility, rather than out of your own pocket each month during the build. This is common when you don't have rental or other income to service repayments while construction is underway. Not every lender offers it, and it does increase your total loan balance over time. Other fees can also be capitalised into a construction loan permitting the loan still meets LVR covenants.
What LVR (loan-to-value ratio) can I expect?
For owner-occupier and single-dwelling construction loans, LVRs of 80–90% against the completed value are common (higher with lenders mortgage insurance). For development finance, lenders more often talk in terms of LTC (loan-to-cost) which is commonly 65–80% of total project cost, and LVR on gross realisation value (GRV), often capped lower, around 60–70%, because the lender is more focused on project risk than a single property's value.
What's the difference between "as is" and "as-if complete" valuation?
"As is" values the land or partially built property in its current state. "As if complete" estimates what the finished property will be worth. Lenders typically size the loan against the "as-if complete" value, but they'll also want to know the "as is" value to understand their exposure if a project stalls partway through.
What's a fixed-price building contract, and why does it matter for finance?
A fixed-price (or lump sum) contract locks in the build cost, which lenders strongly prefer because it removes a lot of budget uncertainty. Cost-plus contracts, where the final price can vary, are harder to finance and some lenders won't accept them at all, or will require a larger contingency buffer.
What's an "exit strategy" and why do lenders ask about it?
Your exit strategy is how the loan gets repaid at the end of the project, through sale of the completed property/units, or refinance into a standard mortgage or investment loan. Lenders assess this carefully because construction loans are short-term and interest-only; they need confidence you can actually repay or refinance once the build is done.
What if my builder goes into liquidation mid-build?
Lenders often require builders to hold appropriate insurance (home warranty/builder's warranty insurance in relevant jurisdictions) partly for this reason. If it happens, you'd typically need to engage a new builder to complete the works, and the lender's QS would reassess cost-to-complete before further funds are released. It's a good reason to check a builder's financial standing and track record before signing a contract (Legal advice is strongly recommended here).
Can I switch lenders partway through a build?
It's possible but uncommon and can be costly as the new lender will want its own valuation, QS report, and full reassessment of work completed to date, plus, you'd likely face discharge and establishment fees on both ends.