Borrowers

WPS Capital’s mortgage solutions range from basic investment loans to property development & construction facilities.

Loan Purpose

Loans must be for business or investment purposes including residential, commercial, industrial and rural property finance, working capital finance and property development finance.

Loans are not provided to individuals to acquire or invest in residential land or for domestic, household or personal use.

Loan Amounts

$500,000 up to $5,000,000

Lending Ratios

“as is” Valuation

The maximum loan amount will be 80% of the Valuation.

“as if complete” Valuation – Development & Construction Loans

This type of funding typically involves the loan amount being based on 80% of the Land Valuation and up to 100% of the development costs as opined by a quantity surveyor or professional equivalent.

For property development loans, before each draw down is advanced to the borrower an independent quantity surveyor, or professional equivalent, must certify the costs to complete the project which the Manager will assess in the context of the loans’ LVR.

Lending Interest Rates

Lending interest rates, which may be fixed or may be variable, and fees payable by borrowers will be determined by the Manager having regard to prevailing market rates, security, borrower record, loan terms and loan conditions. Lending interest rates will be set at rates to provide an appropriate risk margin over cost of funds.

Acceptable Securities

Loans will be primarily secured by registered first and or second mortgages over residential, commercial, industrial or rural Land located in Australia.

When considered appropriate by the Manager, the Manager may also require that borrowers provide additional collateral security in the form of personal guarantees or other security. This would usually be for borrowers where the directors are also controlling shareholders (being an interest of 20% or more).

Valuations

Current fair market Valuations addressed to the Manager for mortgage security purposes are to be provided by a panel of experienced, qualified, registered, independent valuers with appropriate professional indemnity insurance cover.

The Manager only instructs valuers who are appropriately registered, have adequate experience and are independent.

In the case of construction and development loans, the Manager will also instruct suitably qualified and registered independent quantity surveyors, or professional equivalent, to certify the cost to complete the works.

Loan Term

Loan terms will generally be for a term of not more than 5 years. Loans may be extended for further periods subject to satisfactory loan history and credit review.