Leppington NSW
案例基本概述
借款公司：***公司
注册地址：******* Leppington NSW 2179
担保人：**** Z, **** M
贷款类型：首次抵押贷款
标的资产地址：****** Leppington NSW 2179
标的资产估值：$6,900,000 (含GST)
贷款比例：最大贷款比例设定为标的资产估值的52%
贷款金额：$3,000,000 (基于当前估值)
贷款目的：用于未来发展目的的证券化财产的结算
贷款期限：8个月
利息：常规利率: 11% 每年
违约利率: 17.5% 每年
拟议的资产计划将用于未来发展建造联排别墅。
Loan Summary
Borrowing entity: **********Pty Ltd
Registered address: ******* Leppington NSW 2179
Guarantor: **** Z, **** M
Facility type: First mortgage
Security properties: ****** Leppington NSW 2179
Valuation: $ 6,900,000 (inclusive of GST)
LVR: Maximum 52% LVR of the valuation
Loan amount: $ 3,000,000 (Based on Current Valuations)
Purpose: Settlement of securitised property which will be used for future development purposes
Loan term: 8 months
Interest: Normal Rate: 11% Higher Rate: 17.5%
The proposed plan for the property will be to utilise it for future development to construct townhouses.
尽职调查:
该物业位于新南威尔士州政府批准的悉尼西南发展中心的Camden发展中心（Leppington Precinct）内。
已向Camden委员会申请将该物业细分为48个住宅区，并设有道路和排水设施。
该资产占地面积2.5公顷（25,000平方米），主要划为R2区（低密度住宅），22,110平方米可供开发，剩余2,890平方米，划为SP2区（基础设施本地排水），由于偶尔受到洪水影响而被排除在任何开发之外。
地点选择的风险考量
Leppington的人口为3,497人，其中24.67％的居民住在出租房。去年Leppington的平均房价为832,500澳元。
Leppington房屋的平均租金为每周560澳元，租金平均收益率为4.03％。房屋/联排别墅市场存量同比变化1.96％，出售房屋/联排别墅的平均时间为154天。
该房产靠近多所学校，如Unity Grammar College，John Edmondson High School。
风险控制
为了监管风险，除了控制杠杆，我们还需要考察借款人的背景，以及在他们违约情况下提出的退出策略。
首先，借款人是商人，是该资产的创始人。虽然这是他的第一个开发项目，但是他的账户中有足够的现金储备，借款人的资产也非常丰富，他的财产几乎没有抵押贷款。所有这些都在会计师认证的A / L档案中得到证明。我们相信这也有助于他选择购买标的资产。
其次，考虑退出策略，房地产将被出售或作为贷款工具进行再融资。由于贷款比例低，我们认为这是一个合适的退出策略。
风险分析
| 可服务性风险：借款人的银行账户中有足够的资金来支付利息 |
| 地点选择风险：这是Greater Sydney的一个发展潜力区域 |
| 估值风险：贷款率在我们的IM中以52％呈现在我们的参数范围内，我们将接受的最大值为70％ |
| 贷款结算风险：悉尼Leppington地区周边市场的平均天数为50天，显示该房产在最糟糕的情况下有足够的周转时间。 |
| 风险等级：首次抵押贷款平均值：考虑到借款人在这个行业的经验，贷款比例低的项目风险很小。可服务性风险已经到位，借款人在银行账户中有足够的资金来支付利息贷款结算风险已经放置，因为悉尼Leppington地区周边市场的平均天数为50天，这表明房产在最糟糕的情况下有足够的周转时间。估值风险低于70％，低于我们的最大贷款比例，但最好是60％。我们将该房产的评级为1.7，这是健康的。 |
Due diligence
The property is located within the Camden Growth Centre (Leppington Precinct) in the South- West Growth Centre of Sydney as approved by the NSW government.
An application has been made to the Camden Council to subdivide the property into 48 residential lots with roads and drainage reserve.
The property comprises a site having an area of 2.5 hectares (25,000 m2) of land which is mostly zoned R2 (Low Density Residential) with 22,110 m2 available for development with the balance of 2,890 m2 zoned SP2 (Infrastructure Local Drainage) and is subject to occasional flooding and is to be excluded for any development.
Project Risk Location
Leppington has a population of 3,497 people and 24.67% of its occupants live in rental accommodation. The median house price in Leppington last year was $832,500.
The median rent in Leppington for houses is $560 per week and the median rental yield is 4.03%. Stock on the market for houses/townhouses has changed 1.96% compared to last year and the average time to sell a house/townhouse is 154 days.
The property is within close vicinity to multiple schools such as Unity Grammar College, John Edmondson High School.
Risk control
To regulate the risk besides controlling the leverage we also look at the background of the borrower as well as their proposed exit strategy in the case of default.
Firstly, the borrower is a business man and is the founder of this property. Though this is his first development project which He had enough cash reserve in his account and the borrower is also very asset rich with little by way of mortgages over his property. All this is evidenced in the A/L on file certified by an accountant. We believe that this has assisted in his choice of purchasing the subject property as well as.
Secondly looking at the exit strategy, the property will be sold or loan facility to be refinanced. Due to the low LVR we are believe that this is an appropriate exit strategy.
Risk Analysis
| Serviceability Risk: The borrower has enough money in the bank account to serve the interest |
| Location Risk: It is a developing potential area within Greater Sydney |
| Gearing Risk: Gearing is within our parameters as presented within our IM at 52% where maximum that we will accept is 70% |
| Loan Settlement Risk: The average days on market around Leppington area in Sydney is 50 days which shows enough turnaround time for the property to sell in the worst scenario. |
| Ranking Risk: First mortgage for settlementAverage: With a low LVR there is little risk we see with this project considering the experience of the borrowers in this industry.Serviceability Risk has been placed，the borrower has enough money in the bank account to serve the interestLoan Settlement Risk has been placed, because the average days on market around Leppington area in Sydney is 50 days which shows enough turnaround time for the property to sell in the worst scenario.The gearing is under 70% which is below our maximum LVR however 60% would be preferable.We have rated this property a risk rating of 1.7 which is healthy. |
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