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  • Writer's pictureDino Pacella

Diversification into Commercial Lending



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


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