Pindan Capital – the funds management business of the Pindan Group – has closed its oversubscribed inaugural project finance deal, just two weeks after releasing the product.
The $4 million, 12-month loan proved very popular with investors and is secured by a second mortgage over a 90% presold Sydney apartment development; Graceview in Turramurra NSW. The Group has focused its expansion plans on the Eastern Seaboard in recent years, opening its first office in Sydney with a dedicated staff for the region in 2015. Pindan Group is headquartered in Perth, WA.
Pindan Capital's intention with its new financing offering is to seek a range of funding deals between $2 million and $20 million, that encompass smaller scale commercial, residential and land developments, through to mid-tier developments of this type across Australia. The deals will be funded through Pindan Capital's diverse client base including individuals and companies across Australia, as well as foreign high net worth wholesale investors and SMSFs.
Steven Pringle, Investment Manager of Pindan Capital, said, "Given the increasing restrictions placed on local and foreign developers by Australian banks, the opportunity has arisen for reputable funding groups to fill the void and offer property investment opportunities whilst also solving emerging challenges for developers"
"Pindan Capital will continue to broaden its product offering to investors and is eager to work with quality developers through its philosophy of building on partnerships."
General Manager of Pindan Capital, Scott Davison said, "We're pleased this offering has proven so popular with our existing investors and have now set our sights on placing a further $50 million of funds into a number of similar deals over the next 12 months.
"Pindan can now provide a fully integrated property service to clients, including development management and realty sales expertise, its vast construction capability, to become one of Australia's largest multi-unit builders, operating in Sydney, Brisbane and Perth."
