Recent Transactions
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Mezzanine & Equity Facility
Purpose of Loan: To provide mezzanine and preferred equity finance to a development of 165 x residential prior to senior debt being in place Loan Limit: Mezzanine - $7,300,000 Equity - $1,500,000 Loan Term: 22 months Facility Type: Construction facility
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Chermside – 8 Level Residential Building
Purpose of Loan: To fund the development of 60 x residential units in Chermside for a builder/developer Loan Limit: 1st Mortgage - $15,100,000 LVR: 1st Mortgage - 80% of Total Development Costs excluding GST + a GST facility Loan Term: 18 months Facility Type: Construction facility Presales: 75% of debt cover
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Non-Recourse Commercial Facility
Purpose of Loan: To fund the acquisition of a commercial property in regional Qld to an overseas purchaser on a non-recourse basis Loan Limit: 1st Mortgage - $500,000 LVR: - 55% of the Value of the Security Property Loan Term: 5 years Facility Type: Fixed Rate Commercial Facility Interest Rate: 5.24% Fixed for 2 years
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Short Term Finance
Purpose of Loan: To fund an ATO debt within a timeframe of 2 weeks using residential property as security, 2nd mortgage security was offered, which was secured behind a 1st mortgage loan limit of $2,000,000 Loan Limit: 2nd Mortgage - $790,000 LVR: 2nd Mortgage - 80% of the Value of the Security Properties Loan Term: 4 months Facility Type: Short Term Facility Interest Rate: 16.95%
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Bank Finance – No Presales
Purpose of Loan: To fund the development of 9 x residential units in Nundah via bank with no presales Loan Limit: 1st Mortgage - $2,140,000 LVR: 1st Mortgage - 80% of Total Development Costs excluding GST Loan Term: 12 months Facility Type: Construction facility Presales: Nil
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Specialised Asset at Residential Interest Rates
Purpose of Loan: To fund the acquisition of heritage building previously used as a police training barracks in Chelmer. Loan Limit: 1st Mortgage - $2,100,000 LVR: 1st Mortgage - 70% of Valuation Loan Term: 60 months Facility Type: Commercial facility Interest Rate: 5.17%
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Invoice Finance
Purpose of Loan: To assist a client's cash flow requirements with a facility against their debtors book. Loan Limit: 1st Mortgage - $400,000 LVR: 80% against the face value of various invoices on the debtor book of the company Loan Term: Ongoing facility Facility Type: Invoice Factoring Facility
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Commercial Facility Against Valuation NOT Purchase Price
Purpose of Loan: To fund the acquisition of a commercial business park at West End against valuation figure rather than purchase price. This resulted in a LVR against purchase price of 79% with no amortisation required. Loan Limit: 1st Mortgage - $20,150,000 LVR: 1st Mortgage - 65% of Valuation Loan Term: 60 months Facility Type: Commercial Bill facility Margin: 1.70% + bills
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35ive Clarence – Indooroopilly
Purpose of Loan: To fund the development of 13 x residential units in Indooroopilly Loan Limit: 1st Mortgage - $4,000,000 LVR: 1st Mortgage - 80% of Total Development Costs excluding GST Loan Term: 14 months Facility Type: Construction facility Presales: 75% of debt cover
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“VIDA” 144 Unit Project @ West End
Purpose of Loan: To fund the development of 144 x residential units + 209sqm of retail in West End across two 12 storey towers. Loan Limit: 1st Mortgage - $61,500,000 Preferred Equity - $12,800,000 LVR: 1st Mortgage - 80% of Total Development Costs excluding GST Preferred Equity - 80% of the equity requirement Loan Term: 24 months Facility Type: Construction facility Presales: 100% of debt cover
