Author Archive
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Sherwood Development Project
Purpose of Loan: To provide a construction facility for the development of 16 residential units at Sherwood Loan Limit: 1st Mortgage - $5,750,000 LVR: 1st Mortgage - 86% of Total Development Costs ex GST Loan Term: 12 months Facility Type: Construction Loan Interest Rate: 9.00% per annum + 3.00% Line Fee Presales: 50% of debt cover
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Line of Credit Against 3 Regional Development Sites
Purpose of Loan: To provide business line of credit facility against 3 regional land subdivision development sites Loan Limit: 1st Mortgage - $6,190,000 LVR: 1st Mortgage - 50% of As Is Value ex GST Loan Term: 1 years Facility Type: Term Loan Interest Rate: 3.99% per annum + 1.50% line fee
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22 Townhouses – 75% of Debt Cover
Purpose of Loan: To provide a construction facility for the development of 22 residential townhouses at Kuraby Loan Limit: 1st Mortgage - $6,100,000 LVR: 1st Mortgage - 80% of Total Development Costs ex GST Loan Term: 15 months Facility Type: Construction Loan Interest Rate: 6.65% per annum + Line Fee Nil Presales: 75% of debt cover
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Residual Stock Loan – 14 Units
Purpose of Loan: To provide a term facility to refinance a construction lender on a completed residential project. There were 14 residual units that required to be refinanced Loan Limit: 1st Mortgage - $2,900,000 LVR: 1st Mortgage - 65% of In One Line Value ex GST Loan Term: 3 years Facility Type: Term Loan Interest Rate: 5.80% per annum
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Project Finance – 14 Units
Purpose of Loan: To provide a construction facility for the development of 14 residential units at Chermside Loan Limit: 1st Mortgage - $3,900,000 LVR: 1st Mortgage - 75% of Total Development Costs ex GST Loan Term: 15 months Facility Type: Construction Loan Interest Rate: 6.80% per annum + Line Fee Nil Presales: 100% of debt cover
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Luxury Townhouses at Southport
Purpose of Loan: To provide a construction facility for the development of 6 luxury residential townhouses at Southport Loan Limit: 1st Mortgage - $2,749,500 LVR: 1st Mortgage - 85% of Total Development Costs ex GST Loan Term: 12 months Facility Type: Construction Loan Interest Rate: 10.00% per annum Presales: Nil
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Residual Stock Loan – 6 Units
Purpose of Loan: To provide a term facility to refinance a construction lender on a completed residential project. The development project consisted of 14 units, 6 of which formed the take out facility security. The facility was not based on an in one line value and was spread across two lenders to reduce the overall interest rate Loan Limit: 1st Mortgage - $2,442,000 LVR: 1st Mortgage - 70% of Market Value inc GST Loan Term: 12 months Facility ...
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Landbank – Non Bank – Kangaroo Point
Purpose of Loan: To provide a landbank facility against 5 residential properties in Kangaroo Point while a DA is lodged. Interest built into the facility for 12 months Loan Limit: 1st Mortgage - $1,500,000 LVR: 1st Mortgage - 65% of As Is Land value Loan Term: 1 year Facility Type: Term Loan Interest Rate: 12.95% per annum
