Over the years we have successfully funded many Purpose Built Properties, the following are a small selection for your review:

Our client owns and operates a hotel and adjoining golf course in a central Queensland regional centre and was seeking to raise funds to provide working capital to assist with non structural renovations to the hotel living quarters, upgrade the hotel interior and certain areas of the golf course.

The borrowers existing bankers were not prepared to fund the working capital and as such it was necessary to arrange refinance and provide the required cash out of $450k for working capital against the hotel freehold and golf course.

Solution

GCC facilitated an approval through an institutional lender who was prepared to allow for the progressive draw down of the working capital requirement.

Our client sought to raise finance against a residential property situated in Sydney’s Eastern Suburbs which was operating as a boarding house.

Funds were required to allow for the refinance of an existing bank facility of $880K and wanted cash out of $200K for investment purposes.

There were a couple of dishonours on the existing statement due to the borrower being overseas at the time.

In view of the cash out requirement, nature of the security and credit history the introducing broker found it impossible to place through any institutional or residential lender which he approached.

Solution

GCC facilitated an approval for a loan through a private non-bank lender based on an LVR of 67% of the “as is” value of the property.

Our client exchanged contracts in 2008 on a 12 month deferred settlement basis for the purchase of a purpose built 57 placement Childcare Centre in the Sydney metropolitan area (purchase price $2.5M).

Following completion of construction in October 2008, the Centre has been operated under license by our client (under monthly rental arrangement).

From zero occupancy, the Centre has grown to a respectable 85% occupancy and funding for purchase of the Centre to the maximum available LVR was required.

As the business had just started there were no historical figures available to support serviceability.

Solution

GCC successfully settled a facility through an institutional lender based on 60% of “going concern” value. Serviceability was based on the brief historical figures but predominately based on 2 year forward projections.

Our client purchased a specialised property located in Laverton, Victoria for an agreed price of $590,000. The client believed that the valuation was closer to $900,000 and required 60% of the valuation or 90% of the purchase price.

The property is zoned residential but is currently used for commercial purposes namely a specialised milk distribution facility with loading docks, cool rooms, carports etc.

Also located on the property is an underground diesel tank which was no longer in use.

Our introducer tried various residential and commercial lenders however due to the specialised nature of the security they were unable to assist and time was running out to settle when GCC was approached.

Solution

GCC arranged a valuation which came in at $875,000. GCC settled the facility via a private non-bank lender based on 60% of the valuation.

Our client owns a themed restaurant and reception centre in SE Queensland and was looking to refinance his existing ANZ facility and provide sufficient funds to pay his divorce settlement and was looking for a competitive rate.

Solution

GCC facilitated an approval via a second tier bank that exceeded the borrowers expectations.

Clients owned and operated leasehold of a Pub in country Vic, at the time of purchasing the leasehold they also exchanged contracts to purchase the freehold with a 3 year delayed settlement.

Due to utilising the majority of their reserves as capital for the business they needed a funder that would lend against the actual value rather than the contract price.

As they had been building the business the financial statements could not demonstrate servicing for a Bank.

Solution

We facilitated a loan through a private funder lending against the current valuation of the hotel.