Ashwood VIC

案例基本概述

借款公司:***公司
注册地址:*** South Melbourne VIC 3205
担保人:S***** M**
贷款类型:首次抵押贷款
标的资产地址:****** Ashwood VIC 3670
标的资产估值:$1,750,000 (不包含GST)
贷款比例:最大贷款比例设定为标的资产估值的60%
贷款金额:$1,050,000 (基于当前估值)
贷款意图:空地再开发
贷款时长:12个月
利息:常规利率: 11.5% 每年(在没有违约的情况下)
违约利率: 17.5% 每年(如果发生任何违约的情况下)

Loan Summary

Borrowing entity: **********Pty Ltd
Registered address: *** South Melbourne VIC 3205
Guarantor: S***** M**
Facility type: First mortgage
Security properties: ****** Ashwood VIC 3670
Valuation: $1,750,000 (Exclusive of GST)
LVR: Maximum 60% LVR of the valuation
Loan amount: $1,050,000 (Based on Current Valuations)
Purpose: Redevelopment of vacant land
Loan term: 12 months
Interest: Normal Rate: 11.5% Higher Rate: 17.5%

尽职调查:

地点选择的风险考量

Ashwood是一个卖方市场,由于阿什伍德对房屋的高需求,房主可能会很快卖掉他们的房子。标的资产待合并总面积达面积468平方米,总开发面积为540平方米。

其所在地交通便利,High Street Road作为贯穿东西的主干道,西接Huntingdale Road,东连Huntingdale Road。附近的道路都是铺好的沥青路且设有有混凝土人行道,同时配备了完善的街道排水系统。

基于种种考量,ZANK&CO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。

Ashwood地区位于维多利亚州,平均房价为1,092,500澳币,而单元式住宅的平均价位为$845,000澳元。在过去五年中, Ashwood地区的房价和单元式住宅价格分别上涨了平均上涨了6.7%和5.9%。

Ashwood地区的房产成交天数位于澳大利亚郊区的前40%,平均每30天就可成交一间房屋。

而且该区域拥有多个购物中心,其中作为澳大利亚最大的购物中心的Chadstone购物中心,就位于其西南边约3.5公里处。该区域内有Ashwood College以及包括PLC在内的多所公立和私立学校。

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,贷款的主要借贷人是一名成功的商人,他有一个经验丰富的合作伙伴,负责管理他在维多利亚市场开发项目。而且他拥有多个投资物业以及运作正常的公司,这些都能为他提供稳定的资金回报。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。

风险分析

项目管理风险:借款人对空置土地尚未进行开发,只是处于建设阶段前期。在对其可行性进行评估后,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。
估值风险:最大贷款比例设定为标的资产估值的60%在ZANK&CO可接受的参数范围内
地点选择风险:它被认为是墨尔本城市中一个比较适合发展的地区
信用风险:客户在可服务性和资产方面都有很强的财务实力
成为空置土地及非牟利物业风险:所有贷款的投资物业都是可产生收益的

Due diligence

Project Risk Location

Ashwood is a seller’s market, due to the high demand for houses in Ashwood, homeowners are likely to sell their house quickly. The total area of the subject property to be consolidated is 468 square meters, and the total development area is 540 square meters.

It is located in a place with convenient transportation, High Street Road as the main road connecting Huntingdale Road. The nearby roads are paved asphalt roads with concrete walkways and a well-equipped street drainage system.

ZANK&CO believes 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.

The Ashwood area is located in Victoria, the median price for houses is $1,092,500, the median price for units is $845,000. In the past five years, the average price of houses and units in the Ashwood area rose by 6.7% and 5.9% respectively.

Ashwood is in the top 40 % of Australian suburbs in terms of the number of days sold, with an average of one house sold per month.

There are also a number of shopping centres in the area, including Chadstone Shopping Centre, which is Australia’s largest shopping centre, is located about 3.5 kilometers to the southwest. There are Ashwood College and a number of public and private schools, including PLCs in the area.

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 successful businessman who has an experienced partner to manage his development projects in the Victorian market. And he has multiple investment properties and a functioning company that provides him with a stable return on capital. Therefore, 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 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.
Gearing Risk: The maximum LVR is set at 60% of the subject property valuation within the acceptable parameters of ZANK&CO
Location Risk: It is considered to be a suitable development area in Melbourne
Credit Risk: The borrower has strong financials in both serviceability and assets
Vacant Land and Non-Income Earning Properties: All of the borrows investment properties are income producing

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