Transforming development funding.

Optimus Capital successfully negotiated to refinance a first mortgage of $10m plus fees and capitalised interest, secured by a highly specialised asset, being circa 25 hectares of rural land in Sunshine Coast, Queensland, with a Development Approval comprised of two stages, with Stage 1 to build a surf water park with ancillary resort style accomodation and Stage 2 being two apartment buildings.

The loan was in default, the Borrower placed into administration and the client was one week away from the lender repossessing the property when Optimus Capital managed to structure a solution that satisfied all stakeholders and paving the way to financial close and the client recovering their property

Optimus Capital successfully negotiated terms with a preferred capital partner, securing a mezzanine loan facility of $6M. This facility allowed the client to amortise the first mortgage and provide capital for pre-construction costs, notably costs associated with sales and marketing, negotiating the construction contract and holding costs. Remarkably, financial close was achieved during the first week of January, a time when most businesses are typically closed for the holiday season.

The developer urgently approached Optimus Capital to refinance an existing $6 million first mortgage and secure an additional $1 million to repatriate capital to an equity investor. The client also needed a further six months to negotiate the construction contract, secure additional pre-sales and continue exploring senior debt construction finance options.