A developer was partway through a subdivision in a Brisbane growth corridor, with a large portion of the lots already pre-sold. The existing senior debt needed refinancing, and there wasn't enough headroom left to fund the remaining works.
We refinanced the senior facility at 70% LVR and structured additional cash out on top, giving the developer the capital to complete the subdivision and deliver the pre-sold lots.
The refinance settled at $4.5M. With the works funded and the pre-sales in place, there was a clear path to exit.
The finance
This was a development finance deal.
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