The key details of the transaction:
Loan Size: $3.95M
Pricing: 6.95% pa
Overall LVR: 46%
Security: Residential Property
Lender: Tier 1 Bank
Existing GSA: not restructured
The client is a longstanding medical specialist who wanted to expand his Sydney CBD practice. Contracts for the new premises exchanged in mid-December 2023, with settlement scheduled for 29 January 2024.
In this scenario, the client had a convoluted GSA structure, which was tying up many of his businesses and properties with one primary lender.
We found a solution which was to refinance the client’s existing home to bypass the need for a GSA, hence releasing equity for new purchase. The commercial property purchase was financed at 100% LVR.
To prepare for this loan submission, we conducted financial statement analysis to derive servicing income for 10+ different entities. We also worked tirelessly to submit before the Christmas shutdown. As soon we the office returned in the new year, formal approval was granted on 15 January, with settlement following 2 weeks later.