For a new client, The Brokerage recently arranged a refinance and equity release secured by first mortgage over two inner city commercial properties opposite a metro station.
Whilst the properties had Development Approval for apartments, the sites sit within a newly designated Transit-Oriented Development (TOD) area and therefore more time and capital was required to secure a new DA with substantially more apartments.
Key highlights of the transaction include:
- Equity Release: A 65% Loan-to-Value ratio (LVR) included an equity release providing the client with additional capital and strategic options.
- Flexibility: The new facility’s absence of an interest coverage covenant offered flexibility without the need for prepaid interest.
- Security Structure: The Brokerage & new lender worked with the borrowers existing suite of financiers to agree documentation and pre-approved the registration of a 2nd mortgage for a future loan.
By leveraging our deep industry expertise and extensive network, The Brokerage negotiated favourable terms, delivering a tailored financing solution that aligned with the client’s strategic objectives.
Security: First Mortgage
Loan Size: $14,200,000
Interest Rate: 9.10% p.a variable
Lender: Non-Bank
To find out more about how we can help, contact our team today.