Thursday, February 9, 2017

Australia’s Emerging Modular/Prefab Industry Facing Problems

Modcoach Note: I came across this article in The Fifth State, a business journal published in Australia. Their modular/prefab housing industry is where ours was about 30+ years ago.

As I read further and further into it I discovered that their reporters pull no punches and occasionally found myself recognizing things I have seen over the years. There is nothing profound about the article but it is a history lesson worth a good read:

Housing: trouble at mill for the fledgling prefab industry

By Tina Perinotto | 9 February 2017, The Fifth State

The failure of one of the older companies in the prefab housing business last month was a sign that all can’t be expected to go smoothly when it comes to breakthrough technology promising to disrupt the housing market.

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A note now on the Tektum Ltd website says:
Bruce Gleeson of Jones Partners Insolvency & Business Recovery notes was on 12 January appointed Voluntary Administrator of Tektum Ltd also trading as: Live in Tomorrow, Total Housing Solutions, House2.0 and Tektum Future Housing Solutions.

The company was founded 2010 by Nicolas Perren and David Hartigan.

In our story here, we outline some of the unexpected financing difficulties that some people have encountered in building prefab.

Some banks, it seems, don’t recognise they’ve got a housing asset to lend against it until they … actually have a housing asset. By that, we gather, they mean that they don’t view a piece of land with a part-built house in the factory as an asset to lend against.

CLICK HERE to read the rest of the article

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