Behind The Deal: Tahmoor | $23.6m

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It takes more than a valuation to assess a unique deal like this land lease development in the NSW Southern Highlands. Our entire property and credit teams moved quickly to research the asset, before settling a bridging loan in just seven days.

When everything is on the line, developers need confidence the deal will settle on time. As we explain in this Tahmoor installment of our Behind the Deal series, the Assetline Capital team is continually building its in-house capabilities and knowledge to find a way through complex challenges for borrowers and brokers.

This bridging finance deal in Tahmoor NSW is just one example of the way we can undertake the necessary due diligence to make things happen – fast.

The details of the deal

Location

Tahmoor, NSW

Loan amount

$23.6 million

Term

9 months

LVR

75%

Purpose

Refinance

Product

Land bridging

Type of development

Land lease development

Exit strategy

Sale of the property

We backed our process on this deal and got in the experts to make sure we could settle on the day as needed.”

George Khoury, Managing Director  – Construction & Development Finance

When we first met the developer, we quickly realised this was a unique deal with a tight timeframe. He was looking for a bridging loan and was under a great deal of time pressure to refinance as his existing facility was approaching maturity. His end strategy was to run a sale campaign and sell the property – all he needed was enough time to do so. The broker in this case had picked Assetline Capital as we had the expertise and balance sheet to get the deal done.

There was a strong underlying portfolio and a sound exit strategy – he just needed the breathing room to make it happen.

The primary asset was unusual for Assetline Capital, a land lease development site in Tahmoor, New South Wales. Those who do work in this specialist area have a deep understanding of the market, the specific rules and regulations, and who to the potential buyer pool might be. So we took the time to draw on their expertise before finding the right solution for the developer.

Within seven days, we’d done extensive due diligence on the needs of this development. On the final day, we were able to close the deal within this client’s tight deadline.

With access to bridging finance in this tight timeframe, the developer was able to sell the asset on his preferred terms – leading to a healthy profit, and all debt was retired with us in just three months.

Challenges like this give us the chance to build on our loan exposure. As is the case for many developers, all this opportunity needed was time. 

If you’d like to discuss a bridging, construction, or long-term loan scenario with us, please get in touch with our team.

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