Borrowers Case Studies
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Platinum Mortgage Securities
Platinum Mortgage Securities

Borrowers Case Studies

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Completion of a property development

A consortium of borrowers had secured significant lines of bank funding for the construction of a block of apartments, secured by the development property itself.

One of the bank’s further security requirements was the provision of a $2 million cash deposit to cover the risks of cost overrun on the project.

The consortium was able to offer Platinum a combination of first and second mortgages over their various properties and the cash lodgment was made.

The project was completed on time and in budget and the Platinum loan settled out of the financing of the completed development by a bank.

Financing of commercial property for development

A property developer needed to secure a commercial property for redevelopment. While the property was tenanted and therefore income earning, it had a better use when redeveloped.

Funding for the redevelopment phase had already been secured in principle from a bank, subject to a planning approval adjustment and presales.

To provide the developer with the time required for approvals and sales, Platinum extended a six month loan to acquire the property and secured the loan by first mortgage over the target property as well as second mortgages over three separate residential properties.

The loan was settled out of the proceeds of other development projects.