Baranduda and Wodonga VIC

案例基本概述

贷款类型:首次抵押建筑贷款
标的资产地址:XXX Wodonga VIC 3690 & XXX Baranduda VIC 3691

XXX Wodonga VIC 3690
标的资产估值:以完成为准
预计价值:$5,000,000
标的资产估值:按原样
预计价值:$3,500,000

XXX Baranduda VIC 3691
标的资产估值:以完成为准
预计价值:$3,300,000.00
标的资产估值:按原样
预计价值:$1,700,000.00

贷款金额:$ 3,360,000.00(根据GRV的当前估值)
贷款比例:40.48%
贷款期限:6个月
利息:常规利率: 13% 每年
违约利率: 19% 每年
利息支付:资本化利息

Loan Summary

Facility type: First mortgage Construction Loan
Security properties: XXX Wodonga VIC 3690 & XXX Baranduda VIC 3691

XXX Wodonga VIC 3690
Valuation Basis: On Completion
Estimated Value: $ 5,000,000
Valuation Basis: As is
Estimated Value: $ 3,500,000

XXX Baranduda VIC 3691
Valuation Basis: On Completion
Estimated Value: $ 3,300,000.00
Valuation Basis: As is
Estimated Value: $ 1,700,000.00

Loan amount: $3,360,000.00 (Based on current valuation of the GRV)

LVR: 40.48%
Loan term: 6 months
Interest: Lower Rate: 13% per annum
Higher Rate: 19% per annum
Interest Payment: Capitalised interest

尽职调查:

Wodonga的资产包括幼儿园设施,需要在面积约3400平方米的区域完成。规划许可证允许125个托儿所。有12个条件与规划许可相关,其它大多数是符合标准的。

学校的十字路口已被重新安置,方便后方出入。在视察当日,估价师表示,该物业的建造工作进展良好,已完成初步阶段。

Wodonga物业目前提供所有服务,包括电力、燃气、排水系统和连接酒店的电话。

同样,Baranduda也将所有服务全部连接起来。此外,Baranduda位于Wodonga镇中心东南7公里处,在检查时已经全面建设好道路服务设施。目前有Wodonga市议会的计划许可证,允许用于儿童保育设施的开发。

地点选择的风险考量

Wodonga标的资产位于与东北reginal Victorian town ship一起位于墨尔本中央商务区东北约250公里处。在Wodonga的既定区域内,周边的开发项目包括一系列带有村庄设施的住宅区。 Wodonga小学和Mitchell中学位于资产后方。这些都是使用该资产作为托儿设施的优势。截至2017年6月,Wodonga的常住人口约为92000人,预计未来将持续增长。该地区的公共交通有限,因为其地区位置,但Wodonga有墨尔本的火车服务,以及当地的公共汽车服务。有一条临街的道路可以很容易地进入该房产。在Wodonga有相当大的托儿设施的竞争,最近在Albury和Wodonga地区有一些新的设施。

然而,在Baranduda镇现有的人口中,总人口数约为2300人。7.4%的人口年龄在0到4岁之间,而全国0到4岁年龄段的平均水平是6.3%。因此Baranduda的数据更大。 在视察当天,托儿设施的建设进展顺利,也处于停工阶段。项目位于维多利亚州东北部,距CBD约250公里。该资产也位于Wodonga东南约70公里的发展中的Baranduda郊区。很多学校位于城镇周围,且位于一个角落,这都属于积极属性。因为它允许正面曝光和方便到访。

风险控制

赞助商是澳大利亚的永久居民,他的主要居住地是维多利亚,他的家庭多年来一直从事儿童保育设施的运营,他有多个投资资产,提供稳定的 收入流。 从借款人提供的资产和负债中看出,这些资产和负债是由会计师确认的。 对于重大投资资产,借款人拥有大量的租金收入,借款人被认为是富有的资产,对这些资产的抵押贷款很少,并且借款人没有不良信用记录。

风险分析

关于估值风险,这是一项建设贷款,贷款比率为40.48%,是非常安全的。初始提款为150万,这是基于标的房产的资产价值,考虑到28.85%的杠杆率,我们在建设项目提款时提供的剩余贷款总额,并辅以适当的质量调查报告。总的杠杆率非常低,我们这样做非常安全,因为它在默认情况下提供了样本缓冲。BOE提供的退出风险是出售证券资产,或由一家独立融资机构对贷款安排进行再融资。
作为贷款人,我们将自己定位为第一抵押贷款,他们有资格为这个项目提供的QHS报告证明。
因此,综合所有这些信息,我们可以看到提供的风险表,其中赞助商的风险较低,以及估值风险和排名风险平均为1.4。

Due diligence

The property for Wodonga comprises of Childcare facility need completion to set on side of area approximately 3400m2. The planning permit allows 125 childcare places. There are 12 conditions associated with the planning permit the more majority which are standard.

The school cross has been relocated to facilitate rear access and egress from the side. On the day of the inspection, the valuer stated the construction of the property was very well progressed and was beyond knock up stage.

Wodonga property currently have all services including electricity, gas water drainage sewerage and telephone connected to the property.

Similarly, Baranduda also has all services all connected. In addition, Baranduda is 7km south east from Wodonga town centre and the as has fully constructed road services donna constructed and number under construction at the time of the inspection. currently has planning permit issue by Wodonga city council which allows uses development of childcare facilities.

Project Risk Location

The subject property in Wodonga is located with the north east reginal Victorian town ship it’s located approximately 250km north east of the Melbourne CBD and the subject property is situated within an established section. Within established section of Wodonga where surrounding development comprising a rage of residential properties with number village facility. Wodonga primary school and Mitchell secondary college are located at the rear of the property. This are all considered advantage of use the property as childcare facility. Wodonga has permanent population approximately 92000 people as of June 2017 which is expected to grow continuously in the future. Public transport in the area is limited, given its regional location however Wodonga is service via train from Melbourne and local bus services do exist. There is a main frontage on the road that is located on, which can be easily access to the property, there is a quite a bit of competition of childcare facilities within Wodonga with number of new facilities having recently being in Albury and Wodonga region.

Baranduda though, it has a total population within the established township of Baranduda of roughly 2300 people. 7.4 per cent of that population is aged between the ages of 0 to 4 where the national average for age groups between the age of 0 to 4 is 6.3 percent, so as you can see Baranduda has higher. On the day of inspection construction of the childcare facility was well progressed and at locked up stage. The subject property is located within northeast and regional Victoria approximately 250km from the CBD. The subject property is also situated from the developing suburb Baranduda approximately 70km south east of Wodonga.

The number of the school are situated around the township and it’s considered a positive attribute of the site. It’s also a corner location which is also considered to be positive attribute as it allows frontage exposure and ease access to the property.

Risk control

The sponsor is a permanent resident of Australia and his primary place of residence being Victoria his family has been in business of running childcare facilities from numerous years and he has multiple investment properties which provides stable stream of income. As we can see from the asset and liabilities provided by the borrower which certain been certified by an accountant. With mortal investment properties, borrower has strong rent income in place, the borrower is deemed to be asset rich with little by way of mortgages over these properties. All that can be shown here, and there is no bad credit history on the borrower.

Risk Analysis

Regarding on the gearing risk, this is a construction loan where the total amount is 40.48 of the LVR which is very safe. An initial drawdown on 1.5 million will be provided and it’s based on the asset value of the subject property looking at the leverage of 28.85% the remaining total loan amount we provided upon construction drawdown across supported by appropriate quality survey reports. The total leverage is very low, and we saw we do it very safe as it provides sample buffer in the case of default. The exit risk provided by the BOE is to sale the security property or for the loan facility to be refinanced by an independent financer
Coming into this, as a lender, we will be positioning our self as a first mortgage and looking at the builders they are qualified for this project as evidenced by the QHS Report provided.
So, consolidating all this information we can see the risk table provided where the sponsor risk is low as well as the gearing risk and ranking risk providing average of 1.4 with a heavy emphasis on the gearing and sponsor.

 

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