We typically fund projects that do not fit the criteria of mainstream lenders whether that is because the loan-to-value ratio is not met, pre-sales are lacking, or servicing is unable to be satisfactorily demonstrated.
As a privately owned and funded business Killarney is able to assess each request on its merits. Red tape is kept to a minimum. We can generally provide indicative terms within 1-2 days.
When lending, Killarney’s usual repayment comes from a refinance by a mainstream lender following a project meeting qualifying criteria, or the sell-down of a completed development. Interest only, capitalised interest and amortising loans for periods of between 3 and 12 months are available. Rollover of maturing loans will be considered providing project milestones are being satisfactorily achieved.
Typically Killarney operates in the $500,000 to $4,000,000 transaction range however we have flexibility to consider transactions outside of this range on their merits. We generally seek first mortgage positions with supporting guarantees and an acceptable loan-to-value ratio when providing debt.
In every case Killarney will meet with the borrower and inspect the project as part of its due diligence process. In all our financing positions we seek and require a strong relationship with the borrower as our main security comes from the ability to work together collaboratively.
© 2013 Killarney Capital Limited