Capel Sound Investment Option

基本概述

目标利率:9.5 % p.a. net

周期:12个月+12个月

贷款目的:剩余建筑工程的再融资和套现

贷款类型:一级抵押

估值:截止于2021年5月15日,估值价格为$16,630,000

贷款估值比率:低于65%

Summary

Target Return: 9.5% p.a. net

Term: 12 mths + 12 mths Option

Loan Purpose: Refinance & Cash out for remaining building works

Facility Type: First mortgage

Valuation $16,630,000 (as at 15 May 2021)

Loan to Value Ratio Under 65%

SELECT INVESTMENT OPPORTUNITY

Target Return

9.5 % p.a. net

LOAN TO VALUE RATIO

<65%

TERM

12+12 months

尽职调查:

借款方背景

借款方是澳大利亚经验丰富的开发商。我们之前曾向借款方的相关实体提供过大量贷款,并与其建立了长期良好的合作关系。借款方按时支付利息,还款记录很好。

地理位置概述

抵押物业位于Capel Sound镇内,该镇以前称为Rosebud West,由Mornington Peninsula Shire地方议会管理。 该酒店物业临近莫宁顿半岛(Mornington Peninsula),一个受欢迎的旅游胜地,尤其是在夏季。该地区有很多景点,包括半岛温泉,Peppers Moonah Links渡假村和高尔夫球场。而且该地区也适合人们常年居住,学校、购物中心和休闲设施一应俱全。

土地信息

该抵押物业之前是一个房车露营地,后来根据Mornington Peninsula Shire的规划许可将其发展成为48套单元房的短期住宿公寓(包括24套单层单元房和24套两层错层式单元房),现在38套单元房已经完工。其中有20套平层单元房已改成带厨房的单人间,并仅提供住宿和早餐。 一旦该项目完成,将有24套两层单元房,4套单层单元房和20套住宿加早餐酒店风格的房间可供短期住宿。总共有68个房间可创收。

物业租金收入概述

计算是基于30%的物业入住率,每年的净收入为$1,374,960,资产回报率为8%,相当于完成时的资本价值为$17,187,000,也就是约$17,000,000。还有十套单元房仍未完成。开发商估计完成剩余十套单元房的费用为$270,000,应急储备金至少为$100,000,因此资本价值约为$16,630,000。

风险评估:

资产价值下降

若借款方出现违约情况,物业价值的下降可能会影响完全收回贷款欠款的能力。如果借款方违约并且抵押物业的出售价格低于未偿还的贷款金额(包括出售成本和利息),而且如果借款方无法通过自己的其他资产来偿还未偿债务的余额。那么则可能导致本基金(并最终使投资者)蒙受损失。

截至2021年5月15日,估值师已评估该抵押物业市场价值(不含商品及服务税)为$16,630,000,贷款价值比率(不含商品及服务税)为65%。根据这一评估,在计入任何销售成本之前,抵押物业的价值需要下降35%以上,Capel Sound投资的本金才会处于风险中。

未支付利息

基于保守预计的30%入住率,短期住宿物业的年收入总额为$1,690,950。 我们对周围地区进行了尽职调查,物业入住率平均为50-60%。这表明借款方有足够能力去支付年度利息。

借款方未能在到期时偿还贷款

鉴于商业抵押的性质,借款方可以要求进一步延期。

考虑到贷款价值比率以及可接受的所有来源的利息的保障,借款方贷款的再融资能力被视为可以接受。 借款方还可以选择出售抵押物业来偿还贷款。

信托方,行政经理或投资经理均不能保证偿还投资或基金的业绩表现。 信托方强烈建议投资者在投资本基金之前获得独立的财务建议

Due diligence

Borrower’s Background

The Borrower is an experienced developer based in Australia. The Borrower has had a long-standing relationship with the Investment Manager through numerous previous loans made with related entities of the Borrower. A related entity of the Borrower has borrowed funds from the Zank Income
Fund before, and all interest had been paid on time during the life of that loan. The repayment record was good.

Geographic Summary

Location and Neighbourhood: The property is located within the established town of Capel Sound, formerly known as Rosebud West.
Locality: Capel Sound formerly known as Rosebud West is located on the Mornington Peninsula and is a popular tourist destination, particularly in the summer months. It is located approximately 80 kilometres from the Melbourne Central Activities District. The subject property is located over the road from the Capel Sound Foreshore. There are numerous attractions to the area including the Peninsula Hot Springs, Peppers Moonah Links Resort and Gold Course, and of course the Foreshore which also allows for onsite caravan parking. The area is now well established for all year-round residential occupation with schools, shopping, and leisure facilities all readily available,
Topography: The land is level in surface contour.
Access: Direct access from Truemans Road by concrete paved driveway.
Roads: Truemans Road has a bitumen sealed surface with concrete kerbs, channels, and concrete footpaths.
Services: All mains’ services including mains electricity, LP gas, water, septic tank and telephone are connected / available to the property. Drainage is adequate.

Land information

Current Use: At the date of inspection, the subject property comprised 48 short stay units, 38 of which were completed, in accordance with the Planning Permit.
General Description: The subject property comprises a former caravan park which has been converted in to a 48-unit short stay accommodation park. The units comprise 24 single level and 24 two level units. Ten of the single level units have been converted into single rooms with kitchens removed and Bed and Breakfast facilities only. In total, once complete, there will be 68 lettable units/rooms available.

Property Income

Calculation is based on an assumed occupancy rate of 30%. The net income is $1,374,960 per annum which capitalised at 8.0%, equates to a capital value of $17,187,000 on completion, say $17,000,000.
Ten units still remain incomplete and the developer advises the cost to complete the remaining units is $270,000. A contingency cost of at least $100,000 should be allowed for, therefore capital value is $16,630,000.

No Comments

Sorry, the comment form is closed at this time.