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Understand GRV, LTC, pre-sales, drawdowns and capitalised interest.","FAQ-title":"Property development mortgage FAQs","Q-1":"What is a mortgage for property development?","A-1":"A property development mortgage (also called construction finance or development finance) is a specialist loan used to fund the construction or development of residential or commercial property. Unlike a standard mortgage, funds are drawn progressively at each construction milestone rather than provided as a lump sum — so you only pay interest on the amount drawn at any time.","Q-2":"How much can I borrow with a property development mortgage?","A-2":"Most lenders will finance up to 65–70% of the total development cost (TDC) or as-if-complete valuation (GRV), whichever is lower. The exact amount depends on your project type, location, developer experience, and pre-sales achieved. Our brokers w

1ork with specialist lenders to maximise your borrowing capacity for the development mortgage.","Q-3":"What types of developments can be financed with a development mortgage?","A-3":"We arrange property development mortgages for residential subdivisions, townhouse and apartment developments, mixed-use projects, commercial developments, and land banking. Our brokers work with specialist lenders across Australia to match the right mortgage structure to your project.","Q-4":"How does the drawdown process work for a property development mortgage?","A-4":"A property development mortgage is drawn in stages tied to construction milestones — such as slab, frame, lock-up, fixing, and practical completion. The lender carries out progress inspections before releasing each drawdown. Interest is only charged on the drawn balance, which helps manage cash flow throughout the project.","Q-5":"What experience do I need to qualify for a property development mortgage?","A-5":"Requirements vary by lender. Some lenders require prior development experience to approve a development mortgage; others work with first-time developers who have a strong project, an experienced builder, and a solid feasibility study. Our brokers match you with the right lender for your experience level and project profile.","Q-6":"Is housing development finance the same as Housing Australia funding?","A-6":"No. Property development finance generally refers to commercial lender funding for privately owned residential, commercial or mixed-use projects. Housing Australia programs support eligible social, affordable and institutional housing projects under separate eligibility rules and funding structures. If your project has an affordable-housing component, confirm the applicable program requirements before choosing a finance structure.","Q-7":"What happens to a development loan when the project is completed?","A-7":"A development facility is commonly repaid through property sales or refinanced into a longer-term facility. Refinancing depends on the completed valuation, titles, rental or lease income, borrower serviceability and the new lender's policy.","what-is-development-finance-title":"What Is Property Development Finance?","what-is-development-finance-description":"Property development finance is a short-term specialist loan, also known as construction finance or a property development mortgage, designed to fund property development projects, covering:\n\n    ✔ Land acquisition costs\n    ✔ Construction costs\n    ✔ Council and approval fees\n    ✔ Professional fees (architects, engineers, consultants, etc.)\n    ✔ Marketing and sales costs for completed units\n\n    Unlike a standard mortgage, a property development mortgage is structured in stages (drawdowns), where funds are released at key project milestones, ensuring cash flow is managed efficiently throughout the build.","type-of-development-finance-title":"Types of Development Finance","type-of-development-finance-description":"The appropriate structure depends on the project stage, total cost, completed value, available equity and exit strategy. Housing development finance for duplexes, townhouses and apartments may use one or more of the following sources.","type-of-development-finance-1-title":"Senior Debt (First Mortgage Finance)","type-of-development-finance-1-description":"- The primary loan secured against the property.\n    - Covers up to 65-75% of Total Development Costs (TDC).\n    - Repayments may be interest-only during the construction phase.\n    - Typically provided by banks and major lenders.","type-of-development-finance-2-title":"Mezzanine Finance","type-of-development-finance-2-description":"- A secondary loan used to reduce the developer’s capital contribution.\n    - Sits behind senior debt, increasing overall leverage.\n    - Can extend funding to 85-90% of TDC.\n    - Higher risk = higher interest rates.","type-of-development-finance-3-title":"Private & Non-Bank Development Finance","type-of-development-finance-3-description":"- Offers flexible lending criteria and higher LVRs.\n    - Faster approvals compared to traditional banks.\n    - Suitable for projects with unique structures or limited pre-sales.\n    - Interest rates vary based on risk and lender type.","type-of-development-finance-4-title":"Joint Venture (JV) & Equity Finance","type-of-development-finance-4-description":"- Investors or equity partners provide capital in exchange for a share of project profits.\n    - Reduces the need for traditional debt but requires profit-sharing agreements.","how-much-you-can-borrow-title":"How Much Can You Borrow?","how-much-you-can-borrow-description":"When assessing your development mortgage application, lenders look at:","how-much-you-can-borrow-1-title":"Loan-to-Cost Ratio (LTC)","how-much-you-can-borrow-1-description":"% of total development costs covered (typically 65-75%).","how-much-you-can-borrow-2-title":"Loan-to-Gross Realisation Value (LVR or GRV)","how-much-you-can-borrow-2-description":"% of completed project value that can be borrowed (typically 60-70%).","how-much-you-can-borrow-3-title":"Pre-Sales & Pre-Leasing Requirements","how-much-you-can-borrow-3-description":"Some lenders require a percentage of units pre-sold before releasing funds.","how-much-you-can-borrow-4-title":"Developer Experience","how-much-you-can-borrow-4-description":"More funding options for developers with a proven track record.","stages-of-development-finance-title":"How Development Finance is Drawn","stages-of-development-finance-description":"The facility is normally released against agreed project milestones and verified costs rather than as one lump sum.","stages-of-development-finance-1-title":"1. Land Acquisition","stages-of-development-finance-1-description":"The first drawdown funds the purchase of the development site. Interest is charged only on this initial amount while you prepare for construction.","stages-of-development-finance-2-title":"2. Construction Drawdowns","stages-of-development-finance-2-description":"Funds are released in progress payments as each construction milestone is reached — slab, frame, lock-up, fixing, and practical completion. The lender inspects the site before each release.","stages-of-development-finance-3-title":"3. Completion & Exit","stages-of-development-finance-3-description":"Once the project is complete, the facility is repaid through settlement of sales or refinanced into a long-term investment loan. A clean exit strategy is something lenders look for when approv

1ing a development mortgage upfront."}},g={[h.l.CHINESE]:{"seo-title":"澳洲房地产开发融资与贷款 | Smart Mortgage Corp",title:"房地产开发融资与贷款",description:"房地产开发融资可用于土地购买、建筑施工和项目完工。贷款机构通常评估项目完工总值（GRV）、总开发成本、开发商经验、自有资金、预售情况和退出方案，并根据工程进度分阶段放款。","FAQ-title":"房地产开发贷款常见问题","Q-1":"什么是房地产开发贷款？","A-1":"房地产开发贷款（建筑融资）是用于住宅或商业地产建设和开发的专业贷款。资金按建设里程碑分阶段支取，而不是一次性提供。","Q-2":"开发项目最高可借多少？","A-2":"许多贷款机构会同时考虑总开发成本（TDC）和完工总值（GRV）的贷款比例。可借金额取决于项目类型、地点、开发经验、自有资金、预售情况和贷款机构政策。","Q-3":"哪些类型的开发项目可以获得融资？","A-3":"我们可协助住宅土地分割、双拼住宅、联排别墅、公寓、商业和混合用途开发项目。具体融资结构取决于项目规模、审批情况、预算、预售和退出方案。","Q-4":"建筑融资的分批支取流程是怎样的？","A-4":"建筑贷款通常按地基、框架、封闭、装修和实际竣工等里程碑分批支取。贷款机构一般会在每次支取前核实工程进度和成本，利息通常按已支取余额计算。","Q-5":"申请开发贷款需要哪些经验？","A-5":"贷款机构的要求各不相同。部分机构要求借款人具备开发经验，其他机构也可能考虑拥有可靠项目、经验丰富的建筑商、专业团队和完整可行性分析的首次开发商。","Q-6":"住å

1®…开发融资与 Housing Australia 资金相同吗？","A-6":"不同。房地产开发融资通常指商业贷款机构为私人住宅、商业或混合用途项目提供的资金。Housing Australia 项目则按照独立的资格和融资结构，支持符合条件的社会住房、可负担住房及机构住房项目。如果项目包含可负担住房，应在选择融资结构前核实适用项目的要求。","Q-7":"开发贷款在项目完工后如何处理？","A-7":"开发融资通常通过出售完工物业偿还，或转为期限更长的贷款。能否再融资取决于完工估值、产权文件、租金或租约收入、借款人还款能力及新贷款机构的政策。","what-is-development-finance-title":"什么是开发融资？","what-is-development-finance-description":"开发融资是一种用于房地产开发项目的专业短期贷款，可覆盖：\n\n    ✔ 土地购买费用\n    ✔ 建筑施工费用\n    ✔ 市政审批和许可费用\n    ✔ 建筑师、工程师、成本顾问等专业费用\n    ✔ 完工单位的市场推广和销售费用\n\n    与标准房贷不同，开发融资通常按项目里程碑分阶段放款，以便贷款机构核实工程进度、成本和剩余预算。","type-of-development-finance-title":"开发融资类型","type-of-development-finance-description":"合适的结构取决于项目阶段、总成本、完工价值、可用自有资金和退出方案。住宅开发项目可能采用以下一种或多种资金来源。","type-of-development-finance-1-title":"优先债务（第一顺位抵押融资）","type-of-development-finance-1-description":"- 以项目物业作为担保的主要贷款。\n- 贷款上限通常同时受总开发成本和完工价值比例限制。\n- 建筑期可能采用只付利息或利息资本化安排。\n- 可由银行或专业贷款机构提供。","type-of-development-finance-2-title":"夹层融资","type-of-development-finance-2-description":"- 排在优先债务之后的补充融资。\n- 可减少开发商前期投入，但会提高整体杠杆。\n- 定价、担保和退出条件通常比优先债务更严格。\n- 是否适用取决于项目利润空间和风险。","type-of-development-finance-3-title":"私人及非银行开发融资","type-of-development-finance-3-description":"- 审批标准和贷款结构可能更灵活。\n- 适合时间紧迫、结构特殊或预售有限的项目。\n- 利率、费用、杠杆和条件取决于项目风险及贷款机构政策。","type-of-development-finance-4-title":"合资（JV）和股权融资","type-of-development-finance-4-description":"- 投资者或股权合作伙伴提供资本，并分享项目收益。\n- 可减少传统债务需求，但需要明确控制权、利润分配和退出安排。","how-much-you-can-borrow-title":"开发项目可以借多少？","how-much-you-can-borrow-description":"贷款机构通常根据以下指标和项目条件评估开发融资：","how-much-you-can-borrow-1-title":"贷款成本比（LTC）","how-much-you-can-borrow-1-description":"贷款金额占符合条件的总开发成本的比例，可用于判断开发商需要投入多少自有资金。","how-much-you-can-borrow-2-title":"贷款与完工总值比例（Loan to GRV）","how-much-you-can-borrow-2-description":"贷款金额占项目预计完工总值的比例，用于衡量完工价值和退出风险。","how-much-you-can-borrow-3-title":"预售与预租要求","how-much-you-can-borrow-3-description":"部分贷款机构要求在放款前取得一定比例的合格预售或预租，具体标准因项目和机构而异。","how-much-you-can-borrow-4-title":"开发商经验","how-much-you-can-borrow-4-description":"拥有可核实项目记录的开发商通常有更多选择；首次开发商可能需要更强的专业团队或投入更多自有资金。","stages-of-development-finance-title":"开发融资阶段","stages-of-development-finance-description":"贷款通常按约定的项目里程碑和已核实成本分阶段发放，而不是一次性支付。","stages-of-development-finance-1-title":"1. 土地购买","stages-of-development-finance-1-description":"初期放款可用于购买开发用地，贷款机构会同时评估土地价值、规划情况和项目可行性。","stages-of-development-finance-2-title":"2. 建筑分段放款","stages-of-development-finance-2-description":"资金按工程进度分批发放，每次支取通常需要发票、进度证明及成本顾问或估价师确认。","stages-of-development-finance-3-title":"3. 完工与退出","stages-of-development-finance-3-description":"项目完工后，贷款通常通过单位交割偿还，或在满足估值和还款能力要求后转为长期投资贷款。"}},v={...x,...g},j=t(5415),y=t(8782),b=t(7527);let w="https://images.unsplash.com/photo-1565008447742-97f6f38c985c?ixlib=rb-4.0.3&auto=format&fit=crop&w=1631&q=80";var N=!0,property_development_loans=e=>

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1ˆ¿åœ°äº§å¼€å‘项目的规划图与施工现场":"Property development plans at a construction site"}),(0,s.jsxs)(m.$,{title:n.formatMessage({id:"type-of-development-finance-title"}),muted:!0,children:[(0,s.jsx)("p",{className:"jsx-f69f80ac2f8d63fe description",children:n.formatMessage({id:"type-of-development-finance-description"})}),[,,,,].fill(null).map((e,a)=>(0,s.jsxs)("div",{className:"jsx-f69f80ac2f8d63fe",children:[(0,s.jsx)("h3",{className:"jsx-f69f80ac2f8d63fe",children:n.formatMessage({id:"type-of-development-finance-".concat(a+1,"-title")})}),(0,s.jsx)("p",{className:"jsx-f69f80ac2f8d63fe description wrap-text",children:n.formatMessage({id:"type-of-development-finance-".concat(a+1,"-description")})})]},a))]}),(0,s.jsxs)(m.$,{id:"development-finance-project-types",eyebrow:i?"项目比较":"Project comparison",title:i?"哪种开发融资结构适合您的项目？":"Which development finance structure suits your project?",stacked:!0,accent:!0,children:[(0,s.jsx)("p",{className:"jsx-f69f80ac2f8d63fe description comparison-intro",children:i?"以下为一般比较。审批重点、预售、所需资料、自有资金和退出条件取决于项目规模、地点、借款人经验和贷款机构政策。":"This is a general comparison. Approval priorities, pre-sales, documents, equity and exit conditions depend on project scale, location, borrower experience and lender policy."}),(0,s.jsx)("div",{className:"jsx-f69f80ac2f8d63fe table-scroll",children:(0,s.jsxs)("table",{className:"jsx-f69f80ac2f8d63fe project-comparison",children:[(0,s.jsx)("thead",{className:"jsx-f69f80ac2f8d63fe",children:(0,s.jsxs)("tr",{className:"jsx-f69f80ac2f8d63fe",children:[(0,s.jsx)("th",{className:"jsx-f69f80ac2f8d63fe",children:i?"项目类型":"Project type"}),(0,s.jsx)("th",{className:"jsx-f69f80ac2f8d63fe",children:i?"常见审批重点":"Common approval focus"}),(0,s.jsx)("th",{className:"jsx-f69f80ac2f8d63fe",children:i?"预售要求":"Pre-sale requirements"}),(0,s.jsx)("th",{className:"jsx-f69f80ac2f8d63fe",children:i?"所需资料":"Key documents"}),(0,s.jsx)("th",{className:"jsx-f69f80ac2f8d63fe",children:i?"自有资金":"Developer equity"}),(0,s.jsx)("th",{className:"jsx-f69f80ac2f8d63fe",children:i?"常见退出方式":"Exit options"})]})}),(0,s.jsx)("tbody",{className:"jsx-f69f80ac2f8d63fe",children:(i?[{project:"双拼住宅（Duplex）",approval:"产权安排、规划批准、建筑商能力、预算和开发经验。",presales:"小型项目可能不要求预售，但取决于退出方案和贷款机构政策。",documents:"规划和建筑批准、固定价格合同、可行性研究、建筑商报价及估值。",equity:"取决于土地净值、总开发成本、完工价值和风险缓冲。",exit:"出售一套或两套住宅，或在符合估值及还款能力后转为长期贷款。"},{project:"联排别墅（Townhouse）",approval:"销售速度、建筑成本、应急预算、施工进度和开发团队。",presales:"项目规模较大时，可能要求一定数量的合格预售。",documents:"开发批准、详细可行性研究、固定价格建筑合同、成本顾问报告、估值及预售资料。",equity:"通常需要先投入土地净值或现金，实际比例由LTC和Loan to GRV共同限制。",exit:"通过单位交割还款；保留单位需另行评估长期投资贷款。"},{project:"公寓（Apartment）",approval:"预售交割风险、买家集中度、工程复杂度、成本上升和完工时间。",presales:"许多机构会设定预售覆盖、买家分散和合同资格要求。",documents:"完整批准、可行性研究、预售清单、建筑合同、成本顾问报告及完工估值。",equity:"通常要求较多前期自有资金，并保留明确的成本和利息缓冲。",exit:"以公寓交割偿还贷款，或为未售及保留单位安排独立再融资。"},{project:"商业开发（Commercial）",approval:"资产用途、完工估值、预租情况、租户质量、建筑成本和专业团队。",presales:"可能以合格预租或租约代替住宅项目常见的预售要求。",documents:"开发批准、详细可行性研究、预租或租约、建筑合同、成本报告及商业估值。",equity:"特殊用途或租赁风险较高时，贷款机构可能要求更多自有资金。",exit:"出售完工资产，或在租金稳定后转为长期商业物业贷款。"},{project:"混合用途（Mixed-use）",approval:"住宅与商业收入组合、用途比例、租户质量、估值方法和分阶段施工风险。",presales:"可能同时评估住宅预售和商业预租，具体要求取决于项目收入结构。",documents:"完整批准、分用途可行性研究、预售及预租资料、建筑合同、成本报告和估值。",equity:"结构越复杂，通常需要越充足的自有资金和应急预算。",exit:"分别出售住宅或商业部分，整体出售，或按稳定收入安排长期再融资。"}]:[{project:"Duplex or small residential project",approval:"Title structure, planning approval, builder capability, budget and developer experience.",presales:"A small project may not require pre-sales, depending on the exit strategy and lender policy.",documents:"Planning and building approvals, fixed-price contract, feasibility, builder quote and valuation.",equity:"Depends on land equity, total development cost, completed value and the required risk buffer.",exit:"Sell one or both dwellings, or retain and refinance subject to valuation and serviceability."},{project:"Townhouses",approval:"Sales velocity, build cost, contingency, construction progress and the development team.",presales:"Qualifying pre-sales may be required as the number of dwellings and project risk increase.",documents:"Development approval, detailed feasibility, fixed-price building contract, QS report, valuation and pre-sale evidence.",equity:"Land equity or cash is commonly contributed first, with LTC and loan-to-GRV limits applying.",exit:"Repayment from unit settlements; retained dwellings require a separate long-term loan assessment."}

1,{project:"Apartments",approval:"Pre-sale settlement risk, buyer concentration, build complexity, cost escalation and completion timing.",presales:"Many lenders set requirements for coverage, buyer diversity and qualifying contracts.",documents:"Full approvals, feasibility, pre-sale schedule, building contract, QS report and as-if-complete valuation.",equity:"More upfront equity and clear cost and interest buffers are commonly required.",exit:"Repayment from apartment settlements or separate refinance of residual and retained stock."},{project:"Commercial development",approval:"Asset use, completed valuation, pre-leasing, tenant quality, build cost and the professional team.",presales:"Qualifying pre-leases or leases may replace the pre-sale tests used for residential projects.",documents:"Approvals, detailed feasibility, pre-leases or leases, building contract, cost report and commercial valuation.",equity:"Specialised use or greater leasing risk may result in a higher equity requirement.",exit:"Sell the completed asset or refinance to a term commercial-property loan once income is stabilised."},{project:"Mixed-use development",approval:"Residential and commercial income mix, use split, tenant quality, valuation method and staging risk.",presales:"Both residential pre-sales and commercial pre-leases may be assessed, depending on the income mix.",documents:"Full approvals, use-specific feasibility, pre-sale and pre-lease evidence, building contract, cost report and valuation.",equity:"More complex structures commonly require stronger equity and contingency buffers.",exit:"Sell components separately or together, or refinance against stabilised income after completion."}]).map(e=>(0,s.jsxs)("tr",{className:"jsx-f69f80ac2f8d63fe",children:[(0,s.jsx)("th",{scope:"row",className:"jsx-f69f80ac2f8d63fe",children:e.project}),(0,s.jsx)("td",{className:"jsx-f69f80ac2f8d63fe",children:e.approval}),(0,s.jsx)("td",{className:"jsx-f69f80ac2f8d63fe",children:e.presales}),(0,s.jsx)("td",{className:"jsx-f69f80ac2f8d63fe",children:e.documents}),(0,s.jsx)("td",{className:"jsx-f69f80ac2f8d63fe",children:e.equity}),(0,s.jsx)("td",{className:"jsx-f69f80ac2f8d63fe",children:e.exit})]},e.project))})]})})]}),(0,s.jsx)(m.z,{src:"https://images.unsplash.com/photo-1524347258796-81291228cfc9?q=80&w=1287&auto=format&fit=crop",alt:i?"正在建设中的住宅开发项目":"Residential property development under construction"}),(0,s.jsxs)(m.$,{id:"development-finance-documents",title:i?"开发融资申请条件与所需资料":"Development finance eligibility and documents",children:[(0,s.jsx)("p",{className:"jsx-f69f80ac2f8d63fe description",children:i?"贷款机构一般会审查详细可行性研究、土地及规划状况、固定价格建筑合同、建筑商资料、开发商经验、成本顾问报告、预售或预租、应急预算及清晰的退出方案。首次开发商并非必然不符合资格，但通常需要更强的专业团队、更多自有资金或风险较低的项目。":"Lenders commonly review a detailed feasibility, land and planning status, fixed-price building contract, builder credentials, developer experience, quantity-surveyor reports, pre-sales or pre-leasing, contingency allowance and a clear exit strategy. 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1isk. Other lenders may consider fewer or no pre-sales, usually with different leverage, pricing or conditions."}),(0,s.jsx)("h3",{className:"jsx-f69f80ac2f8d63fe",children:i?"利息资本化":"Capitalised interest"}),(0,s.jsx)("p",{className:"jsx-f69f80ac2f8d63fe description",children:i?"建筑期利息可加入贷款金额而不是每月支付，但必须计入可行性研究及贷款上限。利息资本化并不代表没有成本。":"Construction-period interest may be added to the facility rather than paid monthly, but it must be included in the feasibility and lender limits. Capitalising interest does not make it free."}),(0,s.jsx)("h3",{className:"jsx-f69f80ac2f8d63fe",children:i?"建筑分段提款":"Construction drawdowns"}),(0,s.jsx)("p",{className:"jsx-f69f80ac2f8d63fe description",children:i?"每次提款通常需要进度证明、成本顾问或估价师确认、发票，以及项目仍在预算内的证明。开发商自有资金通常先投入或按约定比例投入。":"Each draw commonly requires progress evidence, quantity-surveyor or valuer sign-off, invoices and confirmation that the project remains within budget. Developer equity is usually contributed first or in an agreed proportion."})]}),(0,s.jsx)(m.z,{src:"https://images.unsplash.com/photo-1541888946425-d81bb19240f5?q=80&w=1400&auto=format&fit=crop",alt:i?"布里斯班住宅建筑工程现场":"Residential construction project in progress"}),(0,s.jsxs)(m.$,{eyebrow:i?"示例":"Illustrative scenario",title:i?"布里斯班联排别墅开发融资情景":"Brisbane townhouse development finance scenario",muted:!0,children:[(0,s.jsx)("p",{className:"jsx-f69f80ac2f8d63fe description",children:i?"一个联排别墅项目已取得规划批准及固定价格建筑合同。融资审查会评估土地、建筑及专业费用、应急预算、利息、GRV、自有资金、预售，以及销售或再融资退出方案。如果估值下降或成本上升，所需自有资金可能增加。本例仅供说明，并非客户见证或贷款承诺。":"A townhouse development has planning approval and a fixed-price building contract. The finance review tests land cost, build and professional fees, contingency, interest, GRV, developer equity, pre-sales and the sale or refinance exit. If the valuation falls or costs rise, the required equity may increase. This is an illustrative scenario, not a client testimonial or lending commitment."}),(0,s.jsxs)("p",{className:"jsx-f69f80ac2f8d63fe description related-links",children:[i?"如果计划保留完工物业，也可了解":"If completed properties will be retained, also review"," ",(0,s.jsx)(r(),{href:"/home-loans/investment-property",children:i?"投资物业贷款选择":"investment property loan options"}),i?"；如需融资现有商业资产，请参阅":". For an existing commercial asset, see"," ",(0,s.jsx)(r(),{href:"/commercial-loans/commercial-property-investment-loans",children:i?"商业物业投资贷款":"commercial property investment loans"}),"。"]})]}),(0,s.jsxs)(m.$,{title:n.formatMessage({id:"how-much-you-can-borrow-title"}),children:[(0,s.jsx)("p",{className:"jsx-f69f80ac2f8d63fe description",children:n.formatMessage({id:"how-much-you-can-borrow-description"})}),[,,,,].fill(null).map((e,a)=>(0,s.jsxs)("div",{className:"jsx-f69f80ac2f8d63fe",children:[(0,s.jsx)("h3",{className:"jsx-f69f80ac2f8d63fe",children:n.formatMessage({id:"how-much-you-can-borrow-".concat(a+1,"-title")})}),(0,s.jsx)("p",{className:"jsx-f69f80ac2f8d63fe description wrap-text",children:n.formatMessage({id:"how-much-you-can-borrow-".concat(a+1,"-description")})})]},a))]}),(0,s.jsx)(m.z,{src:"https://images.unsplash.com/photo-1704387286462-1411b8f2d170?q=80&w=1170&auto=format&fit=crop",alt:i?"住宅开发项目的施工进度":"Construction progress on a residential development"}),(0,s.jsxs)(m.$,{id:"development-finance-exit",title:n.formatMessage({id:"stages-of-development-finance-title"}),muted:!0,children:[(0,s.jsx)("p",{className:"jsx-f69f80ac2f8d63fe description",children:n.formatMessage({id:"stages-of-development-finance-description"})}),[,,,].fill(null).map((e,a)=>(0,s.jsxs)("div",{className:"jsx-f69f80ac2f8d63fe",children:[(0,s.jsx)("h3",{className:"jsx-f69f80ac2f8d63fe",children:n.formatMessage({id:"stages-of-development-finance-".concat(a+1,"-title")})}),(0,s.jsx)("p",{className:"jsx-f69f80ac2f8d63fe description wrap-text",children:n.formatMessage({id:"stages-of-development-finance-".concat(a+1,"-description")})})]},a))]}

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