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Loan Purpose
Provide facility to assist with the construction of a mixed use development
Facility Amount
$16.1MM
LVR
67%
Term
14 months
Security
Mixed use development
LTC
81%
Pre-sales
Not required at settlement - $4.6MM within the first six months of initial advance (Pre-sale Hurdle)
Exit Strategy
Sale of residential units. Refinance residual debt against boarding house and commercial to a bank
The Deal
Balmain was approached to assist with the construction of a mixed use development site in Bexley, NSW. The development comprises three (3) commercial lots on the ground floor, 44 boarding rooms and 13 residential units.
By the settlement date, the Borrower had spent over $3MM on the project. Balmain provided $16.1MM at 67% LVR in development funding to reimburse the portion of the client’s funds and finance the construction completion.
George Atsalakis
Partner
