Park Ridge, QLD
昆士兰郊区的住宅开发地块
周期：1年
贷款目的：土地融资
贷款类型：一级抵押
估值：$18,909,650
贷款估值比率：目前低于43.9%
Residential development Site at Queensland suburb
Term: 1 year
Loan Purpose: Land Finance
Facility Type: First mortgage
Valuation: $18,909,650
Loan to Value Ratio: Current under 43.9%
SELECT INVESTMENT OPPORTUNITY
Target Return
9 % p.a. net
LOAN TO VALUE RATIO
<60%
TERM
1yr
Completed
尽职调查:
贷款是一级抵押贷款，由位于Logan 市议会的土地担保。Beenleigh 中央商务区位于东南约 18 公里处，布里斯班中央商务区位于北约 30 公里处。目前的分区是“环境管理和保护”、“混合用途”和“娱乐和开放空间”。抵押物业的最佳用途是住宅或混合用途开发。规划包括Master-planned subdivision和住宅。
交通：合理接近的公共汽车和火车服务。
学校：托儿所、小学和中学都在合理的范围内。
商店：Park Ridge 市中心和Marsden公园购物中心都在合理的范围内。
该基金将投资于借款人的第一级抵押贷款。第二级抵押贷款人已委任接管人，计划继续在接管架构下开发，以尽量降低交易成本。
借款人是一位资深的投资者，专门从事土地投资。
风险评估
标的物业“AS IS”的销售期约为 2-4 个月（可能延长结算期长达约 6-12 个月），任何抵押权人或强制出售/出售期的压力都可能导致价格显着降低以实现我们的估值。
我们对申请人/借款人的技能水平和专业知识形成我们自己的意见，以通过剩余或新的批准程序、建设和最终项目交割交付标的物业，此外，我们寻找任命适当合格的外部项目经理的可能性。
在接管下，通常会出现一些诉讼或来自包括前股东或其他融资人在内的各方的干涉。我们向接收方提供的资金是任何抵押权人或担保人的超级优先事项。所以我们的本金和利益得到了很好的保护。但是，诉讼或其他干扰可能需要更长的时间才能解决。我们将贷款期限安排为长达 36 个月，足以解决任何诉讼。
Due diligence
The loan is a first mortgage, secured by land located in the Logan City Council. Beenleigh CBD is circa 18 kilometres to the south-east, and Brisbane CBD is circa 30 kilometres to the north. The Current Zoning are “Environmental Management and Conservation”, “Mixed Use” and “Recreation and Open Space”. The highest and best use of the subject properties is residential or mixed-use development. The subject sites has plannings including Master-planned subdivision and dwellings.
Transport: Bus and train services within reasonable proximity.
Schools: Childcare, primary and secondary schools are within reasonable proximity.
Shops: Park Ridge Town Centre and Marsden Park Shopping Centre within reasonable proximity.
The Fund will invest in relation to a first ranking mortgage to Borrower with Security Property. The second mortgagee has appointed the Receiver and the plan is to continue the development under receivership structure, to minimize the transaction cost.
The borrower is a sophisticated investor, specialising in land investment.
Risk Assessment
Selling period is Circa 2-4 months for the subject property “As Is” (potentially with an extended settlement period of up to circa 6-12 months), and any mortgagee or forced sale/selling period pressure could result in a significantly lower price to our valuation being realised.
We form our own opinion as to the skill level and expertise of the applicant/borrower to deliver the subject property through the remaining or new approval process, construction and to end product settlement plus that we explore the possibility of appointing a suitably qualified external project manager.
Under the receivership it is common to expect some litigations or interference from different parties including former shareholders or other financiers. We fund to the receiver is in the super priority of any mortgagee or caveators. So our principal and interests are well protected. However, litigation or other interference may take longer time to be resolved. we structure the loan term up to 36 months that is long enough to resolve any litigations.
