Borrowers.

$30M INCOMPLETE PROJECT OVERSEAS

We were approached to provide assistance to finance the completion of a mixed use project, including retail, serviced apartments and residential apartments in Melbourne which was under construction and approximately 25% partially complete. Equity and funding for the project had been coming out of China, however, funding had stopped and the builder was about to walk off the job. Our client approached us for a local funding solution on a non-recourse basis. We were faced with a range of issues which needed to be addressed in order to successfully settle the proposal including:

Partially complete project

Offshore sponsors

Urgent settlement

Non-recourse facility

Solution 

Secured Capital Investments successfully funded the proposal with one of our private investor / lenders who understood the circumstances and backed the project.

It also became apparent that the private lender that our client was talking to could not deliver, so we arranged the refinance and construction facility to complete the project through one of our investors.

* Facility Amount:$15,000,000

* LVR:75%

INCOMPLETE PROJECT & BRIDGING FINANCE

Our client was apparently advised by NAB to commence construction and seek finance when he had expended most of his funds. When he approached the bank the loan manager had moved on and NAB declined to assist.
The introducing broker submitted a proposal to a private lender and they were dragging their feet and it was become increasingly difficult for the developer.
We were asked to provide an URGENT short term bridging facility for 3 months to keep construction progressing.

Solution

We approved and funded via one of our private investors the bridging finance required to keep the project moving in a matter of days.

It also became apparent that the private lender that our client was talking to could not deliver, so we arranged the refinance and construction facility to complete the project through one of our investors.

* Facility Amount:$2,700,000

* LVR:70%

PARTIALLY COMPLETED CONSTRUCTION

Our Clients who were owner builders, had started developing 2 luxury houses in Avalon Beach, Northern Beaches of Sydney. The senior debt was insufficient to complete the project and we were approached to provide funding to cover the shortfall. We successfully funded the shortfall via a second mortgage and the project completed on time with sales that exceeded expectations.

* LVR:90% of TDC

PARTIALLY COMPLETE FACTORY UNIT

Our clients were owner builders who were developing factory units in NSW South Coast. They needed additional funding to complete the project due to cash flow problems. We successfully funded the requirement and the project has been completed.

EXTENSIVE RENOVATION PADDINGTON

We were approached to assist in providing a 2nd mortgage to renovate a large terrace in Paddington, Sydney. Extensive renovations including a 3-level structure including a rumpus room, secure garage and studio. Main House to be completely remodeled with 2 new bedrooms, addition of 4 new bathrooms and upgraded interiors throughout the property. Our borrowers purchased the property for $2.7M recently and after the renovations the property was valued at over $5M..

PARTIALLY COMPLETE HOUSE RENOVATION

Our clients had started renovations on a house in Williamstown in Melbourne Victoria. We were approached when the renovation works are partially complete and they needed an urgent injection of additional 300k for a short duration of 3 months for completion of balance works.

Solution

We settled the loan on a second mortgage within a week and the project was put back on track and completed within the required timeframe.

RESIDENTIAL PROPERTY DEVELOPMENT

Our clients acquired a development site at one of Sydney’s top beaches under an option agreement for a delayed settlement. In the interim, our client obtained approval to construct four luxury apartments with a GRV of $25.49M.Our client presold three of the apartments with sale proceeds of $19.6M which would provide more that 100% debt cover for their proposed transaction. Our client had approached all the major banks, and they all declined the ‘Opportunity to Fund’ as they deemed the project too risky, given their view of the market and our clients apparent lack of experience in the luxury residential market.

Solution

Secured Capital Investments was successful in obtaining approval via a foreign bank, with local representation, for a facility of $13.45M for a period of 18 months – representing an LVR of 70% of TDC.

* Facility Amount: $13,443,000

* LVR:70%

* Rate: BB + 3.50%

RESIDENTIAL LOAN – NO DOC

Our client was a semi retired developer who needed to refinance his existing property located on the beach front just south of Sydney. The clients existing facility was in 3 months arrears and the borrower could not demonstrate serviceability, however his intention was to sell the property.

Solution

Secured Capital Investments secured an approval via one of our private lenders for a $2.2M facility for 12 months which included 6 months interest prepaid within the facility to allow the borrower sufficient time to sell one of the units.

* Amount:$2,200,000

* LVR:65%

RESIDENTIAL LOAN – NO DOC

Our client was a semi retired developer who needed to refinance his existing property located on the beach front just south of Sydney. The clients existing facility was in 3 months arrears and the borrower could not demonstrate serviceability, however his intention was to sell the property.

Solution

Secured Capital Investments secured an approval via one of our private lenders for a $2.2M facility for 12 months which included 6 months interest prepaid within the facility to allow the borrower sufficient time to sell one of the units.

* Amount:$2,200,000

* LVR:65%

$30M INCOMPLETE PROJECT OVERSEAS

We were approached to provide assistance to finance the completion of a mixed use project, including retail, serviced apartments and residential apartments in Melbourne which was under construction and approximately 25% partially complete. Equity and funding for the project had been coming out of China, however, funding had stopped and the builder was about to walk off the job. Our client approached us for a local funding solution on a non-recourse basis. We were faced with a range of issues which needed to be addressed in order to successfully settle the proposal including:

Partially complete project

Offshore sponsors

Urgent settlement

Non-recourse facility

Solution 

Secured Capital Investments successfully funded the proposal with one of our private investor / lenders who understood the circumstances and backed the project.

It also became apparent that the private lender that our client was talking to could not deliver, so we arranged the refinance and construction facility to complete the project through one of our investors.

* Facility Amount:$15,000,000

* LVR:75%