balmain + commercial + big deals + september 2008
Development site
September 2008
| purpose | To provide funding for the development of 48 residential units in a Brisbane bayside suburb. As part of the overall transaction, funding was also provided for the medium-term hold of a future development site (vacant land), the temporary hold of completed, un-sold stock from a previous development and the refinance of a commercial investment property. |
| loan limit | $27,300,000 - combined limit |
| lvr | 80% of Total Development Costs 70% of residual stock 70% of commercial investment property |
| loan term | 2 years |
| interest rate | Development - 2.75% above 30-day cost of funds Investment - 1.75% above 90-day cost of funds |
In a testing credit climate, Balmain was able to negotiate a loan package which encompassed the client’s immediate development funding requirements, and through a refinance, relieved pressure on an existing loan facility with another lender.
Balmain engineered this lending solution using it’s well-developed knowledge of the current property finance market with the resultant funding package exceeding the expectations of the client. During the negotiation process Balmain’s efforts allowed the client to concentrate fully on what he does best - development.
The support offered by Balmain to this client confirms our value proposition to all of our clients - the use of Balmain is paramount in obtaining the best deal possible in the current challenging marketplace.
balmain + commercial + big deals + september 2008
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