The financier, operating under a five-year moratorium, this week declared a net after-tax loss of $102 million for the year to June 30, 2009.
But chairman David Henry and directors Mark Hotchin and Des Hammond said they were optimistic about one of the biggest projects the business had funded.
"The Kawarau Falls stage 1 hotel development, which is in receivership, is now expected to be completed in early 2010.
"It now appears that the stage 2 hotel development, being a company not in receivership, may precede given that stage 1 hotel development will be completed," they said in their directors' report which accompanied the annual report.
Naylor Love managing director Trevor Kempton said yesterday he was encouraged by the financiers' comments.
"If stage 2 goes ahead, it would have a tremendous, positive impact on the construction market in Queenstown and on the Queenstown economy," he said.
His company was contracted to build two hotel apartment complexes in stage 1 of the development.
They were scheduled to be finished by the end of March.
Rilean Construction director Stephen McLean said the three buildings his company had been contracted to build were due to be completed early next year.
He did not anticipate being involved in the construction of stage 2 buildings.
Brookefield Multiplex Constructions construction manager James Sherriff said he had been in talks with Melview about building stage 2's Intercontinental Hotel.
"We've had no further talks since February this year when the financial crisis happened," he said.
Queenstown Lakes Mayor Clive Geddes said it was good news for Queenstown.
A five-star, 177-room Westin Hotel, and a 221-room InterContinental are just the first phase of Kawarau Falls.
A 195-room Quay West Resort Queenstown, to be operated by Mirvac Hotels and Resorts chain, is also planned for the site.
Bank of Scotland International had Melview (Kawarau Falls Station) Development Ltd and Melview (Kawarau Falls Station) Investments Ltd placed into receivership in May.
A receiver's first report released in August showed the two companies owed a total of $144.8 million to creditors.
The report said the companies owed about $117 million to the bank and $19 million to second mortgagee, Hanover Finance.
Melview Developments and the receivers could not be reached for comment. - Additional reporting The New Zealand Herald
