$3.5M Luxury Bridge | 5-Day Settlement | Non-CCCFA Trust Facility

A main bank declined a luxury property bridge due to strict servicing rules, delivering the bad news at the eleventh hour.

 

Loan Summary

• Amount: $3,800,000

• Borrower: Family Trust (Non-CCCFA)

• Rate: 6.95% p.a. + fees

• Term: 12 months (Fully capitalised interest)

• Security: First mortgages over both properties

 

The Challenge:

The client was caught out when their bank pulled support late in the piece due to lack of debt servicing. With days left to settle on the new property before selling their existing one, the matter became critical.

 

The Cressida Solution:

• Non-CCCFA Structure: Commercial approach was applied outside of restrictive consumer lending rules.

• 5-Day Settlement: Immediate turnaround to prevent default charges and secure the purchase.

• No Income Servicing Tests: Structured with 100% capitalised interest, removing the need for traditional cash flow assessments.

• No Valuations Required: Equity assessed entirely in-house to bypass lengthy appraisal delays.

• Zero Early Repayment Fees: Total flexibility to clear the facility the moment the previous property sells.

 

The Result:

A $3.5M open bridge that defused an urgent crisis. The Trust successfully settled on the new property and now has the necessary runway to market their original property and maximise its value.

 

Bank let you down at the last minute? Let’s talk.