First Mortgage Land Facility - REPAID

Mixed use development, eastern suburbs Melbourne

In early 2021 CVS Lane provided a $10 million first mortgage land facility to a client who had acquired a 7610 square metre development site in outer Melbourne, over a 12-month term.
The facility was designed to assist the client refinance its acquisition facility with another lender.
At the time of acquisition the site housed a commercial building occupied by a long term tenant.
Due to a range of unforeseen circumstances, including the impact of the COVID-19 pandemic, the client pivoted away from an initial concept to build an international school on the site to focus on the development of a mixed-use project.
CVS Lane worked with the client to support this endeavour and the CVS Lane facility was fully repaid within 12 months.


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