Innovative funding fuels Bowling Club transformation

July 2021 - July 2023 $7,700,000 1st mortgage security. Silver Harbour Capital has for the past two years been funding the predevelopment facility of a bowling club in Auckland. Initially submitted by a respected commercial broker to Silver Harbour Capital as a hold facility, the deal morphed into funding portions of the work towards a Building Consent for 56 apartments to be created on one of the titles the club owns. The deal was challenging from a servicing point of view as capitalised interest was required but LVR was conservative at 48% and the entire Credit Committee approved the advance and has subsequently rolled the facility. Repayment of the advance is to be from a development facility being arranged in July 2023.