Purpose
Refinance and Equity Release investment portfolio to assist with cost-overruns on a project – loan required $47,000,000
Overview
Prominent and specialist residential and commercial property developer
Initial lead was to acquire a shopping centre
Was able to go through the sponsors A&L and assist with cleaning up other debts and assist with releasing equity to finish a project
Refinance existing lender $33.450M
Equity Release $13.600M
Properties were located in Metro Sydney
Currently Industrial with potential for future development
Challenges
Sponsor is well-known with a history of issues and media coverage
One of the properties was heavily impacted with asbestos
One of the properties was owned within the same entity as another property that was encumbered by a different lender, proved a challenge, as we had to negotiate a deed of priority that was acceptable to all
Property was under-leased and insufficient to service the debt on it’s own
Result
Settled a $47.050M facility
Interest Rate of 7.69%
Settled in 3 weeks
Non-Bank Lender
Come Meet The Team
Name and Job Title – John Lafkas (Yianni) - Associate
What is your secret passion? – Basketball
If you were a flavour of ice cream what would you be and why? – Peanut Butter, I’ve just always loved the taste of it
What superhero character do you identify most as? - Ironman
Favourite sporting team? – Los Angeles Lakers
Suburb you grew up in? – Monemvasia Greece
What do you love about working at Simplicity Loans & Advisory? – Culture, support and fun team times
Please reach out to one of our Relationship Managers below to discuss any commercial lending scenarios.
Ellessa Demarco - Relationship Manager, Southern (VIC/TAS/SA/WA)
M : 0476 777 222
Peter Harris - Relationship Manager, Northern (NSW/ACT/QLD)
M : 0439 555 222
