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Commercial – Refinance & additional working capital
Our client had an existing facility with Challenger Commercial secured across several residential, retail and commercial properties. The LVR with their existing lender was 65% and they required additional funding to expand their retail business. Due to the current financial climate Challenger was not in a position to increase their exposure.
The client’s financials were available but although they showed debt cover, were insufficient based on the banks serviceability calculator, so a non-bank solution was required.
Solution
Due to the size of the loan amount and LVR requested GCC structured the deal in order to meet the client’s requirements by utilizing 2 non-bank senior debt lenders and one second mortgage lender.
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Senior Debt
Loan:
LVR:
Rate:
Mez Debt
Loan:
LVR:
Rate: |
$7,150,000
65%
8.25% & 9.50%
$1,100,000
75%
19% |
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Construction Finance
Our client was looking to refinance their existing facility with a major bank and to construct a resort style development in South Coast NSW. Our client had minimum equity to contribute and was therefore looking to maximize borrowing by also utilizing mezzanine finance.
Solution
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Senior Debt
Loan:
LVR:
Rate:
Mez Debt
Loan:
LVR:
Rate: |
$14,900,000
65% of GRV
7.85%
$3,100,000
75% of GRV
22% |
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Commercial – Full Doc
Our clients own an office complex in the Perth CBD and two commercial properties in suburban Perth WA and were looking for a facility of $10M plus however their current income demonstrated only sufficient income to service their existing debt of $4M so their existing bank was unwilling to assist.
The proposal was required to refinance their existing bank facility of $4M, repay some internal group debt, repay selected redeemable preference shareholders and the balance forming the vast majority of approx $6M for working capital.
Solution
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Loan:
LVR:
Rate: |
$11,500,000
75%
6.85% |
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Construction Finance
Our client was looking to refinance their existing facility with a major bank and to construct a mixed use residential and commercial development in the far North Coast of Queensland. Our client had previous approvals in place with previous lenders however they all had fallen through.
Solution
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Senior Debt
Loan:
LVR:
Rate:
Mez Debt
Loan:
LVR:
Rate: |
$16,500,000
65% of GRV
8.25% & 9.50%
$2,400,000
75% of GRV
22% |
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Commercial - Purchase - Lite Doc
Purchase of a commercial property currently used as a veterinarian clinic in the Perth suburbs as an investment. Due to a complex financial structure from multiple businesses client was unwilling to provide full financials so a lite doc was requested.
Solution
GCC facilitated an approval through a non-bank lender using an accountant’s letter, bank statements and rental income to demonstrate servicing.
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Loan:
LVR:
Rate: |
$1,350,000
70%
8.35% |
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Mezzanine Finance
Our client is one of the largest Queensland based developers. Their existing lender due to the current financial climate was unable to extend them any additional funding even though their gearing level was reasonably conservative.
Our clients needed additional funding of $10M for working capital purposes and they preferred to use one of their residential developments as security rather than tying up their entire portfolio as that would have been cumbersome and unworkable. The project is about to commence, has a GRV of $96.3M and has already achieved presales of $80M.
Solution
GCC facilitated an approval for mezzanine facility which will allow for $10M of working capital to be released, secured against the residential development based in Central Queensland.
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Loan:
LVR:
Rate: |
$10,000,000
78% of GRV
25% |
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Commercial – Refinance - Full Doc
Our clients own an office complex in the Perth CBD and two commercial properties in suburban Perth. Their current facility was originally placed by GCC with a super fund and due to current market conditions the existing lender is unable and unwilling to roll the facility over.
Solution
GCC approached a new lender and based on the clients existing loan history and current financial position a new facility is being negotiated.
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Loan:
LVR:
Rate: |
$12,500,000
70%
90 Day BBSW + 2.25% |
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Take Out Facility – Rural Residential - Lite Doc
Our client recently completed a rural residential subdivision in NSW and his existing banker was unwilling to extend the facility past construction stage as our client could not demonstrate serviceability and there were no presales in place. Our client also wanted to draw down additional funds for working capital purposes
Solution
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Loan:
LVR:
Rate: |
$2,300,000
65%
10.50% |
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Rural – No Doc
Our client needed to refinance his rural property to draw down funds for business purposes, no financials were provided and the clients had 4 defaults listed on their credit report in the last 12 months.
Solution
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Loan:
LVR:
Rate: |
$720,000
60%
11.50% |
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Specialised – Full Doc
Our client owns a themed restaurant and reception centre in SE Queensland and was looking to refinance his existing ANZ facility and provide sufficient funds to pay his divorce settlement and was looking for a competitive rate.
Solution
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Loan:
LVR:
Rate: |
$1,300,000
60%
6.90% |
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Residential – No Doc
Our client was a semi retired developer who needed to refinance his existing property located just south of Sydney. The clients existing loan was 3 in months arrears and the borrower could not demonstrate serviceability, however his intention was to sell the property.
Solution
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Loan:
LVR:
Rate: |
$2,200,000
65%
9.00% |
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Commercial - Specialised Security - Lite Doc/Private Label
Our client was looking to refinance an existing facility for a backpacker accommodation in central Queensland to assist with a divorce/property settlement. The Borrower had credit impairments due to the divorce, existing loans were in arrears and financials were not in order.
Solution
GCC facilitated an approval through a non-bank private lender who approved the transaction with an accountant’s letter and 6 months interim figures demonstrating serviceability.
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Loan:
LVR:
Rate: |
$585,000
65%
11.00% |
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