$13m+ landbank loan for Hamilton development

A loan in excess of 13 million was presented to Silver Harbour Capital. The land was located along Te Wetini Drive within the Northwestern Periphery of Hamilton close to Te Rapa. The area is generally a mixed light industrial, large format retail and and semi-rural suburb. The property comprises of a fee simple landholding of 16.3 hectares which is mostly even in contour. Resource consent has been granted. The ‘As Is’ value was $30 million and the location was favourable with all members of our lending committee.

The proposed landbank loan facility limit is to assist the borrower with the acquisition of the property and to allow the borrower sufficient time to meet pre-funding conditions for future construction loans for the proposed development. Additionally, this would allow time to finalise the project design and achieve presales required by other lenders in the future.