NEWLY launched non-bank lender Chifley Securities has scored its first major deal, negotiating a $25 million refinancing
arrangement.
The refinancing deal was put together by receiver Jamieson Louttit of Jamieson Louttit & Associates, and the debt is secured against
two major commercial buildings at Ricketts Rd North Ryde in Sydney.
Louttit was appointed the receiver of a charitable trust Rosewood Research, set up in the 1940’s, following legal action and the
refinancing was the result of Bendigo Bank’s withdrawal of ongoing support.
“As an entity in receivership, Rosewood Research was having difficulty in gaining traditional bank refinancing and I decided to try the
new alternative financier Chifley Securities.
“Chifley quickly assessed the position and determined that with the security of the prime property assets and future profitability of
Rosewood, it could step up to the plate, which has resulted in creditors being paid 100 cents in the dollar and the future financial
support to the charity ensured,” Louttit added.
The new non-bank Chifley Securities was established earlier this month by Dominic Lambrinos and the principals of Nationwide
Capital, Domenic and Joe Morello, as a commercial lending alternative to the major banks.
The group was launched with an initial lending pool of $480 million.
“Jamieson Louttit outlined the current and future financial position of Rosewood and we both could see the potential for the facility.
We do not have the constraints of the major banks and can work with receivers to ensure a great result for all parties,” Lambrinos said.
