Had Your Funding Fall Over? Here’s How We Are Helping Developers Left In The Lurch

Had Your Funding Fall Over? Here’s How We Are Helping Developers Left In The Lurch

Refinance & Working Capital Facilities Melbourne, Victoria $8,500,000

 

PROJECT BACKGROUND

Development Finance Partners (DFP) was engaged to assist its client, a mixed-use property investment, development and building group, to procure a six-figure working capital facility to fund its ongoing activities.

THE KEY ISSUE IN SOURCING FUNDS

The onset and escalation of the Covid-19 crisis during the negotiation and documentation stages resulted in many lenders either suspending operations or reducing lending limits and loan to value ratios.

Market uncertainty also meant that valuation firms were marking down property values.

The transaction itself required that multiple loan facilities secured across nineteen (19) residential properties be refinanced, with sufficient surplus being made available for the required working capital purposes.

 

DFP’s ROLE

Under very difficult conditions, DFP was able to leverage the strong relationship with its capital partner to facilitate the successful negotiation of four (4) stand-alone funding packages totalling $8,500,000, individually secured across properties in the client’s portfolio. The facilities were geared to 65% loan to value ratio and documented on attractive terms. Significantly, the transaction was completed and settled within three (3) weeks.

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