Completed, titled, selling down — refinanced clean.

When a developer reaches practical completion with units still unsold, the construction debt becomes the wrong product. Construction interest is high, the lender is pushing for a take-out, and every month the units sit there the project's IRR erodes. A residual stock loan is purpose-built for the gap: it refinances the construction debt against the completed, titled units, runs for 12–24 months, and sits at a sensible rate while you market the stock at its proper price rather than dumping it. The shortlist for residual stock in 2026 is roughly half bank, half non-bank. The specialist non-banks dominate because they understand the product, settle fast, and don't impose the kind of selldown covenants that force the developer into discount sales. The major and second-tier banks write residual stock for established developers with strong relationships, typically at sharper rates but with tighter covenants. LVRs sit at up to 80% of the in-one-line valuation of the completed stock, which usually equates to roughly 60–65% of the gross realisation value (GRV) of the units sold individually. Pricing is on application and moves with sponsor strength, location, and file quality — clean files price sharpest. The terms typically include a 'release price' for each unit — the agreed minimum sale price that triggers the loan paydown — and an interest-reserve mechanism so debt service doesn't drain your operating cashflow. We price across the panel before any indicative term sheet is requested. The best lender depends on the project — a four-unit boutique in inner Brisbane reads differently to forty units in a regional growth corridor. Most files we write settle 4–6 weeks from scoping call.