When its client needed to settle a speedy transaction for a major development in metropolitan Sydney, Aventis Group secured preferential equity from Development Finance Partners in 14 days.
Daniel Hausman, managing partner of Aventis Group, paid tribute to Development Finance Partners’ (DFP) speedy action. “The biggest hurdle we had was the fact that we had literally 14 days in which to procure the best part of $35 million in preferential equity, which was required to complete this acquisition,” Hausman says.
“DFP only put the deal out to suitable candidates given the timeframe restraints and the size of the deal. The team managed the situation successfully and delivered on time in very challenging circumstances.”
DFP settled the approximately $35 million facility in 10 days, delivering finance approval and settling within the designated time frame
DFP completed due diligence of the property, including refurbishment and development potential, and built a financing model in three tranches that identified the milestones in funding, LVRs and value uplift. DFP completed further due diligence on the client’s overall financial position and property portfolio to secure the finance.
DFP director Baxter Gamble credits the smooth and speedy transaction with previous successful outcomes and 30 years of experience.
“The main reason we could facilitate the transaction so quickly is because it forms part of our core business,” he says. “Even though it’s an extraordinary timeline in this circumstance, the transaction itself wasn’t anything extraordinary.
“We have a thorough understanding of asset classes and could see the value in this particular asset.”
Read more at http://www.dfpartners.com.au/
Source: Property Council of Australia