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| Imagine a bank is approached by an Australian developer for financing backed by 200 residual stocks (e.g. 200 remaining unsold units in a completed residential property). |
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| – The financing size is 4 years A$ 100mm financing with 1% upfront fee and 5% p.a. interest payable monthly. This a “payment in kind” loan, which means the borrower can accrue the unpaid interest/fees (if any) to the outstanding balance; |
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| – Total asset value is A$ 200mm (e.g. the LTV is 50%); |
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| – Tenor is 2 years; |
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| – Waterfall of the sales proceeds would be for interest servicing then loan amortization; |
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– Due to COVID-19 and the lock-down, no Use a model to forecast the bank’s cash flow. |
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