$25 Million secured and unsecured landbank refinance arranged by DFP, Melbourne VIC.
Development Finance Partners (DFP) were engaged to provide a funding solution to immediately refinance a maturing $25 million land bank facility in Victoria.
The Key Issues:
The existing facility had matured and the client was paying penalties.
DFP arranged and settled an 18 month $20 million land bank facility based upon an LVR of 59% of the As Is value of the DA approved Land.
In addition, DFP arranged an 3rd ranking unsecured loan facility of $5 million at an LVR of 85% of Completion Value against stage one of the clients adjoining projects which was 50% completed, providing an overall funding solution to the client.
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