Distressed loan portfolio sales
Suncorp and BOSI
We advised PAG in its review and negotiation of each of the BOSI (Project Lawson) and Suncorp non-performing loan portfolios. We also advised a bidder on Suncorp's A$1.6 billion loan portfolio sale which included negotiating all applicable acquisition and joint venture arrangements.
Both matters were time-critical and involved detailed due diligence of multiple loans and securities located in various jurisdictions. This required the co-ordination of large due diligence teams to advise on property, stamp duty, tax structuring, insolvency and banking issues.
Acquisition of $240 million loan portfolio
We advised Deutsche Bank on its acquisition of a mixed portfolio of loans from the receivers and managers of Banksia Securities Limited, which involved the review of approximately 500 loans as well as confirmation of the reliability of the relevant loan and security documentation.
This matter was the largest loan portfolio sale by a non-banking lender in Victoria in 2013. With the relevant borrowers located across the country, we implemented a co-ordinated approach across all of our offices to satisfy requirements in each of the states regarding tax, duty, real property mortgage and water mortgage transfer arrangements.
Acquisition of secured debt trades
We advised on the acquisition of various single-credit secured debt trades concerning he ‘Soul’ property development and various partially developed property developments.
Offer for mortgage book
We advised Nomura in its bid for the $120 million Gippsland Secured Investments mortgage book.
Refinancing and enforcement strategy for income fund
We advised Deutsche Bank on its initial refinance and subsequent enforcement strategy following the appointment of voluntary administrators to the responsible entity of the LM First Mortgage Income Fund.
Finance and funding for property investments
We’ve advised various parties on priority administrator funding, mezzanine financing and preferred equity investments in respect of numerous property investments.