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Developer Encountered Delays Due to COVID-19
Stretched senior facility to rescue a major residential project impacted by pandemic delays.
Transaction Overview
A large-scale residential development in Melbourne faced severe supply chain and labor delays during COVID-19, causing their existing first-mortgage facility to expire before completion. We structured a $40M stretched senior facility up to 90% LVR, paying out the impatient incumbent lender and providing the necessary runway and additional capital to see the project through to successful completion and settlement.
Key Metrics
Loan Amount
$40,000,000
Interest Rate
12.15% p.a.
LVR
90%
Location / Asset
Melbourne
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