Refinance Construction Finance – Fuel Station
$4.4m Property Investment Facility
Service
Commercial Property Investment
Funding Amount
$4.4m
Funding Purpose
Refinance Construction Finance
Industry
Specialised Property – Fuel Station
The Scope
- The client was wanting to refinance the construction debt for a recently completed Fuel Station asset at 65% LVR.
- The client wanted interest only terms to preserve cash flow for WIP developments.
- Transaction was to standalone in a SPV.
- Asset was classed as regional and had a strong tenant and WALE profile.
What We Did
- Prepared appropriate material for funding appetite which illustrated the developer’s experience, skill and expertise.
- Arranged valuation and ensured debt capacity and gearing on completion would meet a bank’s appetite (client wanted rates in the 4s) before commencing market engagement.
- Structured the approval to also include a “cash out” equity release portion to the client on settlement which would assist with DA costs on his next project.
The Result
- 3 Year Term Debt Facility at 65% Interest Only with no reporting covenants.
- Two week full approval process with a bank.
- A great result for the client on what is regarded as a specialised asset with the banks.
