Sydenham VIC
案例基本概述
借款公司：***公司
注册地址：******* Sunshine North VIC 3020
担保人：N*****R****
贷款类型：首次抵押贷款
标的资产地址：****** Sydenham, VIC 3037
标的资产估值：$3,100,000 (不包含GST)
贷款比例：最大贷款比例设定为标的资产估值的68%
贷款金额：$2,100,000 (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：12个月
利息：常规利率: 11.5% 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: ******* Sunshine North VIC 3020
Guarantor: N*****R****
Facility type: First mortgage
Security properties: ****** Sydenham, VIC 3037
Valuation: $3,100,000 (Exclusive of GST)
LVR: Maximum 68% LVR of the valuation
Loan amount: $2,100,000 (Based on Current Valuations)
Purpose: Settlement of securitised property which will be used for future development purposes
Loan term: 12 months
Interest: Normal Rate: 11.5% 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:
标的资产包括约7,556平方米的战斧形的空置住宅用地。该用地规划建造一个不超过4层有74间公寓的项目，且提供电力，燃气，供水，排水，污水处理和电话服务。基于种种考量，我们相信，由于该物业位于已经成熟的住宅区，并且可通往旁边道路，因此作为一个极具吸引力的物业场所，它被适当划分为住宅开发。
地点选择的风险考量
Sydenham位于维多利亚州西墨尔本Brimbank市地方政府区。 Sydenham的居民人口为10323人，平均收入为742澳元。平均房价为635,016澳元，单元式住宅的平均价位为405,124澳元。 Sydenham的房价在过去3年中增长了37.40％，去年增长了5.56％。 Sydenham的单元式住宅价格在过去3年中增长了33.76％。
该地区拥有良好的文化设施，包括Sydenham / Watergardens小学和天主教地区学院。 Watergardens火车站附近有公交站，也可通过高架桥进入Watergardens购物中心。
风险控制
为了监管风险，除了控制杠杆，ZANK&CO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，借款人是一位经验丰富的开发商，经营着一个商业集团。他还拥有多处投资地产的股份。我们相信这也有助于他选择购买标的资产。借款人将作为担保人，并从其业务中获得稳定的收入，因此我们认为不存在可服务性问题。
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
| 项目管理风险：借款人尚未开始开发，但处于施工前阶段。在审查可行性之后，借款人将在获得批准的许可后出售该物业，或开始开发，以获得另一笔贷款。 |
| 信用风险：借款人在可服务性和资产方面拥有强大的财务实力 |
| 地点选择风险：这是Greater Melbourne中一个发展中的地区 |
| 估值风险：贷款率在我们的IM中的68％的参数范围内，我们接受的最大值为70％ |
| 成为空置土地及非牟利物业风险：所有借款投资资产均为收益性产品 |
| 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。由于借款人的可服务性和资产的财务状况良好，信用风险也被置于低位。该物业的位置在greater Melbourne。估值风险低于70％，低于我们最大的贷款比例，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 subject property comprises a battle-axe shape vacant residential allotment of approximately 7,556 square metres which benefits from a Planning Approval for a seventy-four (74) unit apartment development over a maximum of four (4) levels. The development will provide electricity, gas, water, drainage, sewerage and telephone to the property. We believe that due to the location of the property in an already mature residential area and with access to the bypass it presents an attractive property site. It is appropriately zoned for residential development which is essential in our consideration.
Project Risk Location
Sydenham is a suburb located in the Brimbank City local government area of Western Melbourne, Victoria. Sydenham has a population of 10323 residents, with an average income of $742. The median price for houses is $635,016 and the median price for units is $405,124. House prices in Sydenham have grown by 37.40% in the past 3 years and 5.56% last year. Unit prices in Sydenham have grown by 33.76% in the past 3 years.
The area is well serviced with cultural facilities including the Sydenham/Watergardens Primary School and Catholic Regional College. Bus and train services are available at the Watergardens Railway Station which can be accessed by overhead foot bridge also linking with the Watergardens Shopping Centre.
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 an experienced developer and runs a business group. He also has shares in multiple investment properties. We believe that this has assisted in his choice of purchasing the subject property as well as. The borrower will be acting as guarantor has stable income derived from his business and so we do not believe there will be a serviceability issue.
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
| Project Management Risk: The borrower has not yet started development but however is at the pre-construction phase. After a review of feasibility and such the borrower will either sell the property with approved permit or commence development to which another loan will be sourced. |
| Credit Risk: The borrower has strong financials in both serviceability and assets |
| Location Risk: It is a developing area within Greater Melbourne |
| Gearing Risk: Gearing is within our parameters as presented within our IM at 68% where maximum that we will accept is 70% |
| Vacant Land and Non-Income Earning Properties: All of the borrows investment properties are income producing |
| 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.Credit Risk has also been placed as low due to strong financials in both serviceability and assets of the borrower.Location of the property is within greater Melbourne.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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