Bangor NSW
案例基本概述
借款公司：***公司
注册地址：******* Bangor NSW 2234
担保人：R*****, T****
贷款类型：首次抵押贷款
标的资产地址：****** Bangor NSW 2234
标的资产估值：$2,130,000 (不包含GST)
贷款比例：最大贷款比例设定为标的资产估值的65.7%
贷款金额：$1,400,000 (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：24个月
利息：常规利率: 12% 每年
违约利率: 18% 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: ******* Bangor NSW 2234
Guarantor: R*****, T****
Facility type: First mortgage
Security properties: ****** Bangor NSW 2234
Valuation: $2,130,000 (Exclusive of GST)
LVR: Maximum 65.7% LVR of the valuation
Loan amount: $1,400,000 (Based on Current Valuations)
Purpose: Settlement of securitised property which will be used for future development purposes
Loan term: 24 months
Interest: Normal Rate: 12% Higher Rate: 18%
The proposed plan for the property will be to utilise it for future development to construct townhouses.
尽职调查:
标的资产为空地，面积约为6,000平方米，由崎岖的丛林组成。该地区周围有现有的住宅开发区，附近有Bangor旁道。
虽然正在考虑向Sutherland郡政府提交一份开发申请，以提供一个5五批细分，但目前尚未获得开发批准。建议在700 m²至1000 m²之间举行私人道路下社区协会。
该土地划为R2（低密度住宅），拟议的细分符合议会的要求。
该开发项目将提供电力，水，下水道，天然气，电话，路面，排水沟和密封道路。
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
Bangor位于新南威尔士州Sutherland Shire郡政府区。Bangor拥有5620名居民，平均房价为1,147,823澳元，单元式住宅的平均价位为839,700澳元。 Bangor的房价在过去3年里增长了12.32％。其单元式住宅价格在过去3年中增长了13.30％。
Bangor地区的房产成交天数位于澳大利亚郊区的前40％，其中所列房产的平均天数为54.25。
该地产靠近多所学校，如Aquinas Catholic College, Holy Family Primary School, Inaburra School等，使其成为一个更加以家庭为中心的地区，拥有更多的专业职业人士。 居住率达91.3％。
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房地产经纪人，之前曾从事房地产管理。他有自己的房地产公司，汇集了多个沉默的股东购买这个房产用于开发目的。虽然这是他开展的第一个开发项目，但他在房地产行业经验丰富。我们相信这也有助于他选择购买标的资产。借款人将担任担保人，拥有投资地产以及提供健康现金流的公司，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
| 由于他是澳大利亚公民，在澳大利亚拥有多处房产，因此担保人的风险很低。 |
| 由于健康的个人业务产生的当地收入，可服务性风险也很低。当地收入来自个人业务。收入能够承担银行对账单所显示的利息。 |
| 该资产的位置在greater Sydney，它是greater Sydney的一个发展中地区 |
| 估值风险低于70％，低于我们的最大贷款比例，但最好是60％。我们的IM中的贷款比率在我们的参数范围内，为65.7％，我们接受的最大值为70％ |
| 退出风险：出售要进行再融资的担保物业或贷款融资 |
| 风险等级：首次抵押贷款平均值：由于贷款比例较低，考虑到该行业借款人的经验，我们在该项目中看到的风险很小。 |
Due diligence
The property is vacant land and has a consolidated area of about 6,000 m2 which at the moment consists of rugged bushland. There is existing residential development surrounding the area and the Bangor bypass close by.
No development approval is currently in place although a development application with Sutherland Shire Council is currently under consideration to provide a five-lot subdivision. The proposed lots vary between 700 m² and 1,000 m² with a private roadway to be held under community association.
The land is zoned R2 (low density residential) and the proposed subdivision conform with the requirements of council.
The development will provide electricity, water, sewer, gas, telephone, kerbing, guttering & sealed road to the site.
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
Bangor is a suburb located in the Sutherland Shire Council local government in New South Wales. Bangor has a population of 5620 residents, where the median price for houses is $1,147,823 and the median price for units is $839,700. House prices in Bangor have grown by 12.32% in the past 3 years. Unit prices in Bangor have grown by 13.30% in the past 3 years.
Bangor is in the TOP 40% of suburbs in Australia with an average of days on market 54.25 for properties listed there.
The property is within close vicinity to multiple schools such as Aquinas Catholic College, Holy Family Primary School, Inaburra School and more making it a more family focused area with more people in a professional occupation. 91.3% of homes were owner occupied.
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 real estate agent who has engaged in property management prior. He has his own real estate firm and has pooled to get multiple silent shareholders to purchase this property for development purposes. Though this is his first development project which he is running he has well experienced in the property industry. We believe that this has assisted in his choice of purchasing the subject property as well as. The borrower will be acting as guarantor and has investment properties as well as a company providing healthy cashflow 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
| Sponsor risk has been placed as low due to him being an Australian citizen with multiple properties in Australia. |
| Serviceability Risk has also been placed as low due to local income derived from healthy personal business. Local income derived from personal business. The income is able to afford the interest which has been shown by bank statements. |
| Location of the property is within greater Sydney. It is a developing area within Greater Sydney |
| The gearing is under 70% which is below our maximum LVR however 60% would be preferable. Gearing is within our parameters as presented within our IM at 65.7% where maximum that we will accept is 70% |
| Exit Risk: Sale of the security property or loan facilities to be refinanced |
| 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. |
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