St Philip’s Christian College - $40m
We all went back to school when we were approached by the lovely folk at one of Australia’s biggest private education networks to help them take a fresh look at the way their finances had been put together.
St Philip’s is an amazing school with five sites, incredible facilities, growing enrollments and more than 3000 students, so it needed to find savings where it could while at the same time be building on its expansion.
Our clever lending gurus hunted high and low and not only came up with a $700,000 annual saving on what St Philip’s was paying in interest (that’s $2.1million over three years!), but also locked down funding for the next two years to take it to the next level.
What’s not to love?
“CVG Finance was appointed by St Philip’s Christian College to search the finance market for financing at a cheaper rate than we presently had. At the end of this process they had cut our interest bill in half and we had a new banker. We were pleased with the personal service and professional approach of Paul and his team. We developed an excellent relationship with them through the process. We appreciated the expert advice we were given and overall the refinancing process, in our opinion, has been highly successful and in the end CVG helped us save thousands of interest dollars.” - Graeme Irwin CEO St Philip’s Christian College Group of Schools
Belmont Central Apartments - $38m project
This was a massive project with some big mountains to be climbed! But we did it with a slam-dunk combo of senior debt and mezzanine finance.
A development of 45 residential units and one level of commercial office space, our client was both the developer and builder and had never done anything this big before. This was a bit nerve-wracking for a few people, and so the lenders could sleep at night, a project manager was put on to rally the troops and get it done. What’s more, the project could also be funded more than 85% of TDC ration.
After everything was in place, the project was finished our client took out some interest rate management options on the facility to give him some certainty around costs.
Crawford Lane, Lake Macquarie - $15m project
When you’re trying to duck risk, finance and construction staging really helps. This was the little strategy CVG used to help the owners of this 33-townhouse development get their project over the line.
CVG also adapted the old three-stages-with-minimal-equity-contributions-from-the-developer trick, so we could fund the development as it went up.
Bunnings Tamworth - $14m facility
Even though they were old hands in the world of investing, two of our clients came to CVG looking for a way to buy Australia’s largest regional Bunnings, located in Tamworth, NSW. They already had a strong relationship and history with their bank, but CVG still found five different funding choices with better and cheaper rates than what was being offered to them.
We mixed up a lovely little potion of fixed rates, variable rates, limited recourse structures and guarantees and gave them something they were very happy with. And given the security of interest rate management and recourse, if they had to, they could also buy it again with the same finance independently of each other.
Allianz Building - $11m project
We love coming out on top! One of our clients is a property developer who needed funding for a four-storey commercial building. He already had a big tenant signed up ready to go into the building, he just needed cash to build it for them!
His existing lender had made him an offer, but he was pretty cluey and thought he’d test the market a bit himself. So he called CVG, and sure enough, we were able to find a commercial bill facility for the build period with a sharper price and better terms!
Merewether Surfhouse - $8m project
If you live in the Hunter, or even if you’ve visited, you surely know Surfhouse.
Sitting high above Merewether Beach, the old surf house was transformed from a derelict building into an absolutely splendiferous restaurant/bar and function centre by local development company the Stronach Group who asked us to put our noses to the grind stone and come up with some highly competitive funding for the project.
We’re not really the type to pat ourselves on the back … BUT, we smashed it! Not only did we find funding that kept equity low, we found the best rate in the market and the conditions around the approval put a big smile on everyone’s face. To top it off, once the project was complete, it could be converted to an investment hold facility.
Tempo Apartments Warners Bay - $5m project
Fastest approval this side of the moon … almost!
Our clients dived in and bought a project that was half-built but needed finance in a hurry to finish it. It was a tricky one, but we pulled out the big guns and made it happen.
Thanks to our handy work, within three weeks of applying for the loan, it was approved and work began again.
Paragon Plant Hire
With just two lonely little debtors, Paragon Plant Hire, experts in excavation hire, needed to unlock some cash flow, but had to find someone willing to back them who was happy with their high concentration. It’s a difficult situation to be in, because not many lenders like to take the chance of a debtor pulling the plug and leaving a company like this one high and dry.
So we dug and we dug (get it?) and within weeks, CVG was able to match them with a line of funding that was exactly what they needed. It meant Paragon could make plans for the future without worrying about where all the dosh was going to spring from!