Privately funded non-bank finance group Chifley Securities is to offer construction and commercial property loans at just 7.95 per cent.Chifley Securities, which reported "record levels of loan applications", worth A$1.1 billion, for the 2016 calendar year, has released a "first tranche facility" offering $50 million for property loans of up to $7.5 million each.The firm's principal, Joe Morello, said: "We have tapped a new source of offshore funding and can supply developers with a low rate alternative to the major lenders, which are pulling the rug from under their property clients."Many developers we are funding are backed by strong equity and balance sheets, but are still finding trouble with the banks when it comes to construction and other property loans," he added.Chifley Securities is seeing unprecedented demand from developers who have been left with unsold apartments and require financing to retain ownership of the property. The number of developers who chose or are forced to retain unsold apartments, will rise 25 per cent this year, the company said.The Chifley Securities group is targeting lending in calendar year 2017 of $1.5 billion for commercial and residential property projects in cities and regional centres across the Eastern Seaboard, with the majority being undertaken in western Sydney.