What is the minimum sales requirement necessary to secure construction financing?

The minimum sales requirement necessary to secure construction financing is referred to as the sales threshold. This is a crucial metric that lenders use to determine whether the project has sufficient demand to proceed with funding. The sales threshold indicates that a certain percentage of units in a condominium development must be pre-sold or under contract before construction financing can be secured. Meeting this threshold assures lenders that there is a market for the units being built, reducing their financial risk.

In contrast, the other options do not directly relate to the requirements for construction financing. The occupancy period refers to the time after the construction is completed before residents can live in the units, which is a different aspect of the development process. The turnover process pertains to the transfer of management from the developer to the condominium corporation, and while it is important, it is not directly related to securing financing. The Land Registry Office (LRO) is involved in the registration of property titles but does not play a role in establishing sales thresholds critical for obtaining financing.