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Private Credit – Solutions Finance

"The Place" Ashfield

The Mews Cobbity

The Duke - First Mortgage Construction

The Duke

Property

Mixed-use, Residential

Residential

Mixed-use, Residential & Retail

Location

Ashfield, Sydney

Cobbity, Sydney

Kangaroo Point, Brisbane

Loan Size

$44 million

$203 million

$34 million

Peak LVR

68%

78%

65%

Term

18 months

5 months

8 months

Investment Thesis

  • Ashfield is a suburb with an abundance of amenities and a strong migrant population
  • Significant presales cover and balance was effectively underwritten by strong growth as a result of migration
  • The Mews property was contracted for sale to an Australian Stock Exchange (ASX) listed real estate company
  • After undertaking due diligence, the lending syndicate was comfortable extending the leverage (through a tranche B) with the expectation that it will be repaid from settlement (occurred 24 December 2021)
  • Property was in an inner-city location, with an abundance of amenities
  • With 70% of facility covered by presales and advanced construction progress upon Financial Close de-risked the project

RW Capital Value-Add

  • RW Capital assisted a highly inexperienced developer through the development process
  • RW Capital assisted the developer in the attainment of a residual stock facility to address the shortfall of the loan repayment amount by running a bank tender process
  • RWC provided a working capital equity release for the Borrower (an existing relationship) after conducting thorough due diligence
  • Despite a complex lending syndicate, RWC was able to execute the financing within a tight timeframe
  • RW Capital utilised its propriety data to understand underlying trends behind Brisbane’s supply/demand dynamic, which had previously caused a large bank to withdraw its financing for the asset
  • RW Capital conducted thorough due diligence on an under-construction asset

"The Place" Ashfield

Property

Mixed-use, Residential

Location

Ashfield, Sydney

Loan Size

$44 million

Peak LVR

68%

Term

18 months

Investment Thesis

  • Ashfield is a suburb with an abundance of amenities and a strong migrant population
  • Significant presales cover and balance was effectively underwritten by strong growth as a result of migration

RW Capital Value-Add

  • RW Capital assisted a highly inexperienced developer through the development process
  • RW Capital assisted the developer in the attainment of a residual stock facility to address the shortfall of the loan repayment amount by running a bank tender process

The Mews Cobbity

Property

Residential

Location

Cobbity, Sydney

Loan Size

$203 million

Peak LVR

78%

Term

5 months

Investment Thesis

  • The Mews property was contracted for sale to an Australian Stock Exchange (ASX) listed real estate company
  • After undertaking due diligence, the lending syndicate was comfortable extending the leverage (through a tranche B) with the expectation that it will be repaid from settlement (occurred 24 December 2021)

RW Capital Value-Add

  • RWC provided a working capital equity release for the Borrower (an existing relationship) after conducting thorough due diligence
  • Despite a complex lending syndicate, RWC was able to execute the financing within a tight timeframe
The Duke - First Mortgage Construction

The Duke

Property

Mixed-use, Residential & Retail

Location

Kangaroo Point, Brisbane

Loan Size

$34 million

Peak LVR

65%

Term

8 months

Investment Thesis

  • Property was in an inner-city location, with an abundance of amenities
  • With 70% of facility covered by presales and advanced construction progress upon Financial Close de-risked the project

RW Capital Value-Add

  • RW Capital utilised its propriety data to understand underlying trends behind Brisbane’s supply/demand dynamic, which had previously caused a large bank to withdraw its financing for the asset
  • RW Capital conducted thorough due diligence on an under-construction asset