$15.45M, Residual Stock @ 80% LVR, Debt Restructure, Sydney Metro, NSW
Background
Our client engaged with DFP to assist in procuring funds to:
- Refinance a recently completed townhouse project and cross collateralised 2nd facility secured by a portfolio of residential properties
- The key objective to lower the current borrowing costs.
The Results
1. Settlement of a $12.26m First Mortgage Facility
- Geared to 80% Loan to Value (LVR)
- Structured on a two-tier basis
(Senior tranche to 65% LVR, Second tranche to 80% LVR) - Capitalised interest to assist in the sell down of the townhouses
- An agreement to release part sale proceeds to the Second Mortgage lender once the First Mortgage debt reduced to 65% LVR
- Settled on 6-month-old valuation
2. Settlement of a $3.20m Second Mortgage Facility
- Geared to 75% Loan to Value (LVR)
- 2nd behind $11.5m (combined) bank loans
- No valuation required (inspection only by lender)
- Competitive rates and fees
- Capitalised interest
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