Our client is one of the largest Queensland based developers. Their existing lender due to the global financial crisis 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 pre sales of $80M.

Solution
GCC facilitated an approval for mezzanine facility which allowed for $10M of working capital to be released, secured against the residential development based in Central Queensland.

Facility Amount: $10,000,000
LVR: 78% of GRV
Rate: 22%

 

Our client had an absolute ocean front development site of 22,410 sqm which was approval for 104 luxury residential units.
The GRV was $220M and the borrowers required $165M, 75% of GRV to refinance and complete the project.

An approval for $130M for a senior was secured and a mezzanine facility of $35M was required to cover the funding shortfall.

Solution
GCC facilitated an approval for mezzanine debt facility which covered in full the $35M shortfall against the residential development based in Central Queensland.

Senior Facility: $35,000,000
LVR: 75% of GRV
Rate: 15.50%

 

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