Trilogy Funds: property development finance from a Brisbane fund manager

Trilogy Funds does something many lenders don’t: it publishes the exact shape of the loan it wants to write. Five target criteria sit on its financing page, and they tell a developer within a minute or two whether a phone call is worthwhile. This profile walks through those criteria as at October 2026, explains the parts that trip people up, and suggests where to turn if your project falls outside them.

The five-point checklist, as published

According to its website, Trilogy Funds looks for:

1. A proven track record in property development and construction.
2. A loan between $5m and $50m.
3. An LVR no greater than 65% of the GRV (gross realisation value).
4. A registered first mortgage over the property as security.
5. A clear marketing strategy to sell down the finished product or refinance it.

Its online enquiry form adds a little more detail. Loan purposes are construction, development sites, residual stock and commercial property. Terms run from 6 to 30 months. The project location drop-down covers Queensland, New South Wales, Victoria, the ACT, South Australia and the Northern Territory, and it asks for feasibility studies, DA plans and any valuation up front.

Beyond the checklist, Trilogy says it weighs development experience, project merit, risk mitigants, gearing and the financial strength of the borrower group.

How the 65% of GRV cap works in practice

GRV is the expected end value of the completed project, usually the total of every lot or apartment sold. Lenders use it because a development has little value as a half-built shell, so the end product is the real security.

Here’s an illustrative example. A developer plans eight townhouses on the Sunshine Coast with an expected GRV of $9.6m.

Item	Figure
Expected GRV	$9.6m
Maximum loan at 65% of GRV	$6.24m
Total development cost (land, build, fees, contingency)	$7.4m
Equity or other funding the developer must find	at least $1.16m

Inside Trilogy’s size band, comfortably. But notice that the loan also has to make sense against total cost, so a project with thin margins can hit a ceiling on cost long before the GRV limit bites. Our construction and development finance guide covers how lenders test both measures.

What makes Trilogy Funds a little different

Pooled fund money. Trilogy says its loans are funded through the Trilogy Monthly Income Trust, a pooled mortgage fund supported by thousands of investors. The practical upside for borrowers is that funds are already sitting there, rather than being raised loan by loan.

A payment platform for builders. It offers borrowers a system called Paid, which it describes as a way for builders on its projects to get reliable, faster payment of claims with less admin. For anyone who has watched a progress draw stall while a site sits idle, that’s a meaningful operational detail.

A long history. Trilogy traces its origins to 1998, with the business taking its current form in 2004. It says it has teams in Brisbane, Sydney, Melbourne and Perth, and its published loan examples skew towards south-east Queensland, with others in NSW and Victoria.

Got a project but no idea whether it suits a fund lender? Send us the outline and we’ll tell you which part of the market to approach.

Who it suits, and who it doesn’t

Likely fit: developers with completed projects behind them, a builder in place, a feasibility that leaves room for cost overruns, and a realistic sell-down or refinance plan. Mid-sized residential projects (townhouses, small apartment buildings, land subdivisions) and completed unsold stock are squarely in range.

Likely misfit:

• Projects needing less than $5m. A smaller subdivision or a duplex usually belongs with a different class of private lender.
• Gearing above 65% of end value. If you need more, a mezzanine finance layer or extra equity will be needed.
• Second mortgage or caveat security. Trilogy wants first-ranking security.
• Business owners who want cash for their trading business rather than for a property project.

Questions worth putting to the lending team

• What pre-sales, if any, will you want before the first construction draw?
• How is the quantity surveyor appointed, and who pays?
• Are interest and fees capitalised into the facility or paid monthly?
• Adding every fee, exit charge included, what does the facility cost in dollars if it runs to term?
• What happens if completion runs a few months late?

If Trilogy Funds says no

A decline from a fund lender is usually about fit, not quality. Match the reason to the alternative:

• Too small? Look at property development finance from mid-market private lenders such as Pallas Capital or Zagga, or at land loans for business if you’re still at site stage.
• Already built, slow to sell? A residual stock loan from another lender may suit.
• Need cash quickly against property you already own? A bridging loan or second mortgage business loan can work within days, often for far smaller amounts.
• Your bank likes the project? Take the offer seriously. A bank development facility, where you fit the policy, will usually cost less than private money.

Not a $5m development? Let’s talk about what you actually need

Trilogy Funds is built for developers with sizeable projects and a track record. If you’re a builder, tradie or business owner who needs a few hundred thousand against land, a house or a commercial building, the right lender looks quite different.

Our form is short: about sixty seconds of your time, and making an enquiry doesn’t trigger any credit check. Nor does your file get blasted out to a roster of funders. One of our lending people reviews it and rings you to talk it over. Give us honest figures for the property, the debt on it and your deadline, and the first option we raise should be one that can actually settle.

Ask about property-secured options →