News Archive - 2015
Project News - October > December 2015
WULKURAKA, QLD - PROJECT UPDATE
With the pace of construction quickening out at our current Wulkaraka Multi-Townhouse Project, and Stage 1 of the project nearing completion, we are now re-assessing funding parameters with the view to funding Stage 2 of the project.
July 2015 - Launch of 'Viking Capital Residential'
Due to on-going demand for quality home loans, Viking has now launched its own, Viking branded 'Residential Home Loan Service.
The new business unit will be headed up by Don Martyn, and most experienced Residential Lending Manager who has well over 30 years of experience in the finaicial services marketplace.
Project News - June 2015
Recently funded by Viking is a 7 x (Three Level) Townhouse project located in Murrarie, QLD. The faciity sourced was a $2.434M construction loan over a 15 month term with all monies available at a rate of 10.25% per annum, and with interest fully capitalsed.
Murarrie is an established suburb of Brisbane approx., 11 km north-east of the Brisbane CBD. Developments within this area consists of a mixture of older, semi-modern, renovated dwellings and some townhouse style units. The Murrarie area is well serviced by public transport and a number of local shopping centres all well positioned to The Gateway Arterial which connects easily to both the Gold Coast and also the Sunshine Coast making this location desireable for lending. No pre-sales were required for this project.
Viking News - April 2015
Launch of 'Viking Securities Development & Mortgage Fund'
In October 2014, Viking launched its own, Viking branded 'Managed Mortgage Fund', which will be run as a Non-Liquid Pooled Fund for retail investors seeking fixed term interest bearing investments.
The Fund will specialise in providing Property Development and Construction Loans to Property Developers and will provide specialised construction loan facilities.
The Fund will be run by Industry Professionals retained to provide credit and corporate compliance, ASIC compliant licensing, as well as a well-trained team to assist with the day-to-day running, management and operations of the Fund.
The Credit Committee for the Fund will be supervised by its appointed 'Fund Manager' and will be run in conjunction with a representative from Viking Capital Group. The Fund Manager, GPS Investments Ltd, has over 25 years experience in construction lending and funds management and its head office located in the Brisbane suburb of Toowong.
The new Fund is designed to offer property developers 'tailored' construction funding solutions for property development projects to be located in both major metropolitan areas of Queensland, New South Wales, South Australia and Victoria. The Fund will also provide 'Gap Funding' for Developer's in lieu of project equity.
Project News - Quarter 1 2015
Viking recently placed a $5M construction loan for Stage One of a Three-Stage 'Mixed Use' & Townhouse Development located in Wulkuraka, QLD.
The approved funding line will provide construction for Stage 1 product being 29 x Townhouses in total, with construction on Stage 1 already well under away.
It is worth noting that despite the fact that the project is being sponsored by a Non-Resident for Tax Purposes who is also an Owner/Builder, final Credit Approval on the facility was received 20th March 2015 and the funding line later settled in April 2015.
Drone Video start of project - Click Here
Drone Video 8 weeks later - Click Here
Drone Video 15 weeks later - Click Here
Drone Video - 6 Sept 2015 - Click Here
Unconditionally approved in Quarter 1 2015 and funded via Viking was a 5 x (Three Level) Townhouse project located in Balmoral, QLD.
The faciity offered was a $2.3M construction loan over a 12 month term, with all monies available at to the Borrowers at a rate of 10.25% per annum, and with interest fully capitalsed.
Even though the funding being provided is to first time property developers, no pre-sales where required to provide the approval. The loan became unconditional on the 18th March and is was settled once the BA issued in mid April 2015.