ACTIVE TRANSACTIONS
New South Wales
Loan Limit: $4,350,000
LVR: 50%
Security: First Mortgage
Investor IRR: 9.53% p.a.
Term: 12 months
The Borrower is a repeat customer of Pillarview, having borrowed from us in the past, and successfully repaid within all arrangements. He is a highly experienced developer whose model is centred on finding strategic land parcels in growth corridors to develop large-scale master-planned communities.
This loan was secured against an unencumbered future development site, and was provided as a fully drawn advance, providing the borrower with a cash injection to enable him to progress the construction of the next stage of land lots at another of his projects. The current stages underway comprised 52 lots, and had presales sufficient to repay the Pillarview loan upon completion.
North Brisbane
Loan Limit: $3,149,000
LVR: 65%
Security: First Mortgage
Investor IRR: 9.66% p.a.
Term: 6 months
The subject site is the amalgamation of two neighbouring properties, totalling 8000m2.
Proposed for the site is the subdivision of the land into 18 residential lots.
At the time of settlement, the DA was lodged, but not yet approved.
A term of 6 months was provided to allow the Borrower to obtain the development permit, and presales for the end-product.
brisbane north
Loan Limit: $2,278,000
LVR: 70%
Security: First Mortgage
Investor IRR: 10.01% p.a.
Term: 7 months
We pride ourselves on our understanding of the property market, and the credit risks associated with development finance.
We provide tailored solutions on commercial terms to provide credit worthy borrowers funding for their property related purposes.
This is a progressively drawn construction loan to assist with the subdivision of the site from 1 into 5 large format acreage lots.
The exiting house is to be retained on one lot, with the others to be sold as vacant land.
The Borrower is an experienced developer with a proven history of successfully completed projects similar in scale and nature to the subject.
Were able to provide a loan at 70% of the as if complete value with nil qualifying presales on account of the Borrower's experience, his financial position, and the market demand for the end product on completion, being located in a sought after area.
The loan is secured by a first mortgage against the development site and is to be repaid from sales proceeds upon completion.
sunshine coast hinterland
Loan Limit: $4,940,000
LVR: 65%
Security: First Mortgage
Investor IRR: 10.01% p.a.
Term: 15 months
This is a progressively-drawn construction loan, to assist with the construction of a bespoke architecturally designed luxury home in the Sunshine Coast hinterland.
The Borrower is an experienced developer, and a builder by trade, specialising in the bespoke construction of high end new builds and renovations.
Upon completion, the house is to provide 5 bedrooms - each with ensuite and walk-in wardrobe - a cinema room, large wine cellar, kitchen with butler’s pantry, outdoor entertaining, and a six-car lock up garage. The property is to feature prestige level quality fixtures and fittings throughout.
The property is to be sold on completion, with the Pillarview loan repaid from proceeds of the sale.
Sydney SW
Loan Limit: $5,836,000
LVR: 45%
Security: First Mortgage
Investor IRR: 10.09% p.a.
Term: 12 months
We pride ourselves on our understanding of the property market, and the credit risks associated with development finance.
We provide tailored solutions on commercial terms to provide credit worthy borrowers funding for their property related purposes.
The subject loan was provided to assist with the 25-lot residential subdivision of the Borrower's site.
The loan limit was a low LVR of only 45%, and was provided to the borrower in two tranches - the first tranche refinanced the existing debt, and gave a further advance sufficient to meet the civil construction costs of the subdivision. The release of the second tranche is conditioned on the Borrower obtaining and providing certificates of completion, and will be used to pay marketing costs and the council fees payable to enable registration of titles.
This gave greater flexibility to the Borrower, while remaining within our credit appetite, and at a sufficiently low level of risk for our investors
Brisbane BAYSIDE
Loan Limit: $4,035,000
LVR: 65%
Security: First Mortgage
Investor IRR: 10.48% p.a.
Term: 18 months
The purpose of this loan was to assist with the purchase of a residential development site in Brisbane's bayside.
The loan is secured by a first mortgage over the development site, with additional security in the form of a second mortgage over a large residential acreage property, ranking behind the sponsor's home loan.
The additional security allowed a greater loan amount to minimise the equity contribution required from the Borrower for the purchase.
The loan term of 18 months is longer than our typical loan terms of 6-12 months. This provides our investors a greater investment term, at a high fixed rate of return.
During the loan term, the Borrower intends to lodge a development application and obtain approval for a five level 28 apartment complex, begin marketing for the as-if-complete product, and subsequently refinance the Pillarview loan with a construction loan from another lender.
Brisbane North
Loan Limit: $5,145,000
LVR: 63%
Security: First Mortgage
Investor IRR: 9.50% p.a.
Term: 6 months
PillarView offers exceptional speed to market - our streamlined credit approval process enables us to move quickly in order to meet tight settlement timeframes when needed.
This loan was introduced to us after the Borrower had been let down by another financier, and with a looming settlement date only weeks away.
We were able to review and approve the Borrower's application, raise investor funds, document the loan, satisfy all conditions, and settle within 3 weeks of receiving all information.
The loan was provided to assist with the purchase of a commercial development site in a northern suburb of Brisbane. It is a 6,500m2 parcel, currently improved with a small warehouse; the rest of the site being hardstand area.
The Borrower has lodged a development application for the demolition of the warehouse, and the construction of 32x industrial units on the site.
Collateral security was provided by the Borrower group, allowing the 63% LVR loan to almost fully-fund the purchase.
Byron Bay
Loan Limit: $1,820,000
LVR: 70%
Security: First Mortgage
Investor IRR: 9.61% p.a.
Term: 12 months
The purpose of this loan was to assist with the purchase of a development site in Byron Bay. Currently improved with an older style dwelling, the Borrower intends to obtain a permit to demolish the existing house, and construct three townhouses.
At the time of settlement, the development application was lodged by not yet approved. the 9 month term was provided to allow the Borrowet to obtain the development permit, and presales for the end-product.
Brisbane east
Loan Limit: $6,650,000
LVR: 65%
Security: First Mortgage
Investor IRR: 10.03% p.a.
Term: 12 months
This loan was provided to refinance an existing loan secured against an in-fill development site in Victoria Point. The Borrower had submitted a development application for the subdivision into 68 residential lots however due to delays with council, were due to reach expiry of their existing loan facility prior to the development application being approved.
We were able to provide a new loan on attractive terms to enable the Borrower additional time to obtain the development approval. Of note is that there are several similar sites in the near vicinity of the subject, in various stages of development - some with DA issued, some in progress, and several having been completed, with new houses built.
The loan term of 12 months was provided to give the Borrower time to obtain the development approval after which, the loan is to be repaid with a construction loan either from Pillarview or another lender.
gold coast hinterland
Loan Limit: $4,095,000
LVR: 65%
Security: First Mortgage
Investor IRR: 10.03% p.a.
Term: 18 months
The subject property is a 26,000m2 balance land residual lot, following the development of a childcare centre on the parent site. The site was unencumbered and Pillarview provided a loan to release equity which the Borrower is to use to assist with the construction of 9 residential dwellings on the security property.
The loan was provided as a fully-drawn advance, rather than a progressively drawn construction loan. Pillarview was comfortable with this arrangement as the gearing level against the as-is valuation was acceptably low, and on account of the Borrower's financial position, with ability to service interest on the debt.
This arrangement was of great benefit to the Borrower as it provided flexibility and cost savings compared to a conventional construction loan.
brisbane east
Loan Limit: $4,225,000
LVR: 47%
Security: First Mortgage
Investor IRR: 10.05% p.a.
Term: 12 months
The Director and Shareholder of the Borrower is a beneficiary of a large estate that holds several high value assets.
The estate is in the process of being wound up, and has a short term requirement for additional cash to meet its ongoing operating costs, and to facilitate the sale of its assets.
This loan was provided to the Borrower so that it could, in turn, provide a loan to the estate.
The Pillarview loan is secured by the sponsor's principal place of residence - a large luxury residential acreage property in Brisbane's south.
The loan is a low LVR of only 47%.
Once the assets of the estate have been sold, the loan will be repaid, and distributions of further proceeds will be made to its beneficieries.
brisbane north
Loan Limit: $1,504,000
LVR: 75% of the as-is value
Security: First Mortgage
Investor IRR: 10.01% p.a.
Term: 6 months
The Borrower required gearing of 75% to assist with the purchase of a future residential subdivision site, and was at risk of losing his deposit with a settlement date fast-approaching.
Pillarview prides itself in being able to offer exceptional speed to market, and in this case, we were able to review and approve the Borrower's application, raise investor funds, document and settle the loan within 1 week of receiving all required information.
We were able to offer higher-than-normal gearing of 75% based on the location and quality of the residential property asset.
Brisbane East
Loan Limit: $2,653,636
LVR: 70%
Security: First Mortgage
Investor IRR: 9.61% p.a.
Term: 9 months
This loan was provided to assist with the purchase of two neighbouring properties. Property 1 is a 1000m2 allotment, improved with an older style single level house. A development application was lodged for a 1-into-2 lot subdivision, with each lot to be suitable for duplex type development (i.e. 4 lots total).
Property 2 is a larger 1,700m2 allotment, also with an older style dwelling. This property had a n approval for a 1-into-4 lot subdivision, with the Borrower proposing to construct a duplex pair on each of the lots (i.e. 8 lots total).
The loan is to be progressively drawn, with the initial advance provided to assist with the purchase of both properties. The remainder of the loan balance will be drawn to assist with the 1 into 4 lot subdivision of property 2.
Lockyer valley
Loan Limit: $1,527,500
LVR: 65%
Security: First Mortgage
Investor IRR: 9.60% p.a.
Term: 12 months
The Borrower is a highly experienced civil contractor, who are well-known to Pillarview. The loan was provided to assist with the purchase of a rural residential development site, which benefitted from a development approval for the subdivision into 31 acreage lots.
The Borrower had submitted a minor changep to provide a higher yield of 34 lots, and a more straightforward design, aimed to reduce construction costs.
We provided a loan at 65% LVR against the valuation, and a 12 month term to provide sufficient time for the minor change to be approved by council, and for the Borrower to obtain operational works approval, after which time the loan is to be refinanced with a construction loan to complete the proposed subdivision.
brisbane south
Loan Limit: $2,145,000
LVR: 65%
Security: First Mortgage
Investor IRR: 10.05% p.a.
Term: 12 months
The purpose of the loan is to assist with the purchase of the future townhouse development site in a southern suburb of Brisbane.
The Borrower is a joint venture between existing developer clients and their town planner.
There are no current development approvals associated with the site. The proposed loan term of 12 months is to allow sufficient time for the Borrower to obtain a Development Approval, Operational Works approvals, negotiate a fixed price building contract for the works, and then subsequently refinance the loan with a construction loan facility.
North
Brisbane
Loan Limit: $2,089,000
LVR: 70% of the as-is value
Security: First Mortgage
Investor IRR: 9.81% p.a.
Term: 9 months
As well as providing competitive terms and pricing for loans to assist with the purchase of development sites, Pillarview is also a specialist construction lender, with a particular focus on small and medium scale subdivisions in quality locations.
The subject loan was provided to assist with the delivery of a 1-into-8 Lot residential subdivision.
The Borrowers had modest prior development experience, however a mitigant to this was that the contractor was highly experienced and well known to Pillarview, having completed the civil works for other projects that we have funded.
The Borrower had also obtained three presales which provided market acceptance of the end product. Pillarview provided a market leading solution whereby an additional equity release was to be made available to the Borrower upon obtaining additional complying sales and further de-risking the project with greater coverage of debt.
sunshine coast Hinterland
Loan Limit: $2,810,000
LVR: 70% of the as-is value
Security: First Mortgage
Investor IRR: 10.05% p.a.
Term: 18 months
This is a first mortgage loan against a large rural residential site in the Sunshine Coast hinterland, which refinanced existing first- and second- mortgage loan facilities that the Borrower had used to purchase and subsequently build on the site.
It is the Borrower’s intention to begin a commercial medicinal cannabis operation on the site.
It is intended that the Pillarview loan will be repaid with a loan from a mainstream lender once the operations are under way in 12-18 months’ time.
brisbane
northside
Loan Limit: $1,500,000
LVR: 41%
Security: 1st & 2nd Mortgage
Investor IRR: 9.80% p.a.
Term: 6 months
Pillarview provided a loan to this borrower to assist with the purchase of a 'knock-down, rebuild' residential property in a popular north Brisbane suburb. The Borrower owned the neighbouring property and was mid-way through building a new dwelling on this site.
The build of the new house was subsequently completed, but not sold in time to repay the loan prior to the expiry date, thus a new 'residual stock' loan was provided to repay the investors in the current loan and provide additional term to allow the sale of the property and the repayment of the new loan.
The loan is secured by a first mortgage over the subject property, and a supporting second mortgage over the now fully complete residential project.
The total loans were a combined LVR of 41% of the aggregate security value.
The Borrower intends to repay the Pillarview loan using sale proceeds of their current project upon completion.