Author Archive
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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
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Project Finance – Luxury Units
Purpose of Loan: To provide a construction facility for the development of 15 luxury residential units at New Farm Loan Limit: 1st Mortgage - $11,535,000 LVR: 1st Mortgage - 77% of Total Development Costs ex GST Loan Term: 18 months Facility Type: Construction Loan Interest Rate: 6.60% per annum + Line Fee Nil Presales: 100% of debt cover
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Management Rights – Brisbane
Purpose of Loan: To provide a Management Rights facility against 101 units in Brisbane Loan Limit: 1st Mortgage - $1,806,000 LVR: 1st Mortgage - 70% of Managers Unit + Management & Letting Rights business Loan Term: 3 years Facility Type: Bank Bill Business Loan Interest Rate: 3.54% interest rate + line fee 1.24%
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Bank Funded – 11 x Residential Unit Residual Stock Facility
Purpose of Loan: To provide a residual stock facility against completed residential units in Red Hill Loan Limit: 1st Mortgage - $3,850,000 LVR: 1st Mortgage - 60% of In One Line As Is value Loan Term: 2 years Facility Type: Term Loan Interest Rate: 3.17% per annum + 1.47% line fee
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Retail Facility – 70% LVR
Purpose of Loan: To provide a commercial bill facility against a partially leased commercial property in West End Loan Limit: 1st Mortgage - $1,225,000 LVR: 1st Mortgage - 70% of As Is Land value Loan Term: 3 years Facility Type: Term Loan Interest Rate: 3.55% per annum + 1.20% line fee
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Take Out Loan Against Completed Residential Stock
Purpose of Loan: To provide a term facility to refinance a construction lender on a completed residential project. The development project consisted of 7 units, 6 of which formed the take out facility security. The facility was not based on an in one line value Loan Limit: 1st Mortgage - $3,050,000 LVR: 1st Mortgage - 65% of Market Value inc GST Loan Term: 12 months Facility Type: Term Loan Interest Rate: 12.00% per annum
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8 x Townhouses No Presales – Nundah
Purpose of Loan: To provide a construction facility for the development of 8 townhouses with no presale requirement at Nundah Loan Limit: 1st Mortgage - $3,020,000 LVR: 1st Mortgage - 71% of Gross Realisation ex GST Loan Term: 12 months Facility Type: Construction Loan Interest Rate: 9.00% per annum Presales: Nil
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Construction Facility – 80% of Total Development Costs – Bank Funded
Purpose of Loan: To provide a construction facility for the development of 16 residential units at Sherwood Loan Limit: 1st Mortgage - $5,056,300 LVR: 1st Mortgage - 80% of Total Development Costs ex GST Loan Term: 13 months Facility Type: Construction Loan Interest Rate: 3.80% per annum + Line Fee 1.75% Presales: 100% of debt cover
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Non-Recourse Commercial Facility – Marrickville
Purpose of Loan: To provide a commercial term loan against an inner city Sydney property with short term leases in place, critical component was to secure the funding on a non-recourse basis Loan Limit: 1st Mortgage - $1,400,000 LVR: 1st Mortgage - 60% of current market value Loan Term: 3 years Facility Type: Commercial Loan Interest Rate: 5.00% per annum
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80% LVR Landbank (Vacant Land) – New Farm
Purpose of Loan: To provide a landbank facility against vacant land in New Farm Loan Limit: 1st Mortgage - $1,840,000 LVR: 1st Mortgage - 80% of As Is Land value Loan Term: 3 years Facility Type: Term Loan Interest Rate: 3.61% per annum + 1.25% line fee
