balmain + commercial + big deals +
A Non-Bank Solution
June 2010
| purpose | To refinance a cross collateralised bank loan secured by two commercial properties that was due for expiry whereby the client’s existing bank funder was either unable or unwilling to renew the loan for a further term (despite the client providing this bank with all of their business for over 20 years!) |
| loan limit | Loan 1 - $1,100,000 Loan 2 - $1,000,000 TOTAL LOAN - $2,100,000 |
| lvr | 65% on commercial property 50% on retail property (which was 80% vacant) |
| loan term | 3 years |
| interest rate | Loan 1 - 7.75% p.a. interest only Loan 2 - 9.00% p.a. interest only |
The Benefits
The borrower tried funding through all other banks in the marketplace however they could not assist.
Within 3 weeks, Balmain provided two competitive non-bank funding solutions which allowed the client to take out the debt, segregate the assets, and most importantly keep the assets in his commercial property portfolio.
The retail property was 80% vacant, with the ongoing vacancy and lack of income cited by his existing bank as the primary reason that they would not support the client moving forward.
Our solution provided the borrower with a 3-year period in which to lease up the retail premises, allowing him to strengthen his property portfolio moving forward, and our client’s life is no longer being controlled by his former bank!
Another Intelligent Non-Bank Commercial Mortgage Solution!
balmain + commercial + big deals +
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