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Loan Purpose
Site Acquisition
Facility Amount
$16MM
LVR
52%
Term
6 months
Security
1st Registered Mortgage over DA approved site for 102 residenital lots
LTC
Pre-sales
38 residential lots presold
Exit Strategy
Refinance into a construction loan
The Deal
Borrower had initially purchased the site using a put and call option at purchase price of $22.45 million.
Subsequent to this, Borrower had achieved DA approval for 102 residential lots and commenced presales.
The valuation noted an "as is" valuation of $30. 8 million which we recognised. This resulted in a loan against purchase price of 71% or a loan against valuation of 52%.
Jonas Tam
Partner
