June Quarter '18 - Development Finance Index Survey

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* 1. Are you....

A Property Developer

A Development Financier / Funder (Non-Bank Lender - NBL)

A Bank

A Development Finance Broker / Arranger

Other (please specify)

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* 2. In which States do you operate?

NSW

VIC

QLD

Tas

ACT

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* 3. In which Development Markets do you operate?

Capital City - Inner Ring/ CBD

Capital City - Middle Ring

Capital City - Outer Ring/ Fringe

Regional City

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* 4. How many active Projects under development / How Many Projects Financed have you, or your Developer clients, had in past year.

Less than 2 Projects

3-5 Projects

6-10 Projects

More than 10 Projects

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* 5. Average value of Projects being Developed / Financed in past year by you, or your Developer clients.

Less than $1m

$1M - $3M

$3M - $5M

$5M - $10M

$10 - $15M

$15m - $20M

$20M - $40M

$40M - $80M

$80m - $100m

$100m plus

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* 6. In order of importance, what do you think are the biggest issues facing the Development Industry at present (1 being most important, 6 being least)

Development Approvals

Development Finance

Purchaser Finance

Taxes & Development charges/levies

Construction costs

Development Site availability & pricing

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* 7. How would you rate the Development Financing environment? (Availability, Pricing, LVR constraints, Covenants)

Very good

Good

Neutral

Poor

Very Poor

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* 8. In order of difficulty, rate the most difficult covenants/requirements to achieve at present (1 being most difficult, 6 being least)

Pre-sale covenants

Financier maximum Loan-to-Value Ratio

Financier required Interest Rate

Financier required maximum loan term

Financier required developer experience and track record

Ability to secure required valuation

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* 9. What form of Development Financing do you understand to be the most challenging to source at present? (1 being most challenging, 4 being least)

Senior Acquisition Financing

Senior Construction Financing

Senior Residual Stock Financing

Mezzanine / Pref Equity

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* 10. Do you, or your Developer clients, primarily source Senior Development Finance / Development Funding from...

A Bank

A Non-Bank Lender (NBL)

Other (please specify)

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* 11. Do you, or your Developer clients, source your Development Finance direct through a Funder (Bank or Non-Bank Lender) or through a Finance Broker/Arranger?

Direct through a Bank

Direct through a Non-Bank Lender (NBL)

Through a Finance Broker/Arranger

Other (please specify)

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* 12. If you, or your Developer clients, go through a Finance Broker/Arranger what fee do you pay to Broker?

Zero

Less than .5%

.5% - 1%

1% - 1.5%

1.5% - 2%

More than 2%

Don't use a Finance Broker/Arranger

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* 13. Do you, or your Developer clients, have a long term relationship (5 years plus) with a Bank Financier?

Yes

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* 14. Are you as the Developer, or your Developer clients, at risk of Project delays due to the lack of suitable Development Finance

No Delay

1-3 month delay

3-6 month delay

6-12 month delay

1-2 year delay

Project at risk of not proceeding

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* 15. What is your, or your Developer client's, most recent Senior Development Finance terms - LVR

LVR of between 70%-80%

LVR of between 65%-70%

LVR of between 60%-65%

LVR of between 50%-60%

LVR of between 40%-50%

LVR of between 30%-40%

LVR below 30%

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* 16. What is your, or your Developer client's, most recent Senior Development Finance interest rate pricing?

5% - 6% p.a.

6% - 7% p.a.

7% - 8% p.a.

8% - 9% p.a.

9% - 10% p.a.

10% - 11% p.a.

11% - 12% p.a.

12% - 14% p.a.

14% - 16% p.a.

16% - 20% p.a.

20% plus

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* 17. What is your, or your Developer clients, most recent Senior Development Finance establishment fee and other fees?

.5% - 1% of facility amount

1% - 1.5% of facility amount

1.5% - 2% of facility amount

2% - 3% of facility amount

3% plus

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* 18. Did you source the majority of your Senior Development Financing through Banks in 2017?

Yes

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* 19. Do you as Developer, or the majority of your Developer clients, use Mezzanine Debt to Finance Projects?

Yes

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* 20. If yes, what was the most recent LVR you or your Developer client achieved for Mezzanine Financing?

30-60% LVR

60-70% LVR

70-80% LVR

80-90% LVR

Not Applicable

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* 21. If yes, what was the most recent Mezzanine Finance interest rate pricing?

10-14% p.a.

14-16% p.a.

16-18% p.a.

18-20% p.a.

20-24% p.a.

24% plus p.a.

Not Applicable

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* 1. Are you....

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* 2. In which States do you operate?

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* 3. In which Development Markets do you operate?

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* 4. How many active Projects under development / How Many Projects Financed have you, or your Developer clients, had in past year.

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* 5. Average value of Projects being Developed / Financed in past year by you, or your Developer clients.

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* 6. In order of importance, what do you think are the biggest issues facing the Development Industry at present (1 being most important, 6 being least)

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* 7. How would you rate the Development Financing environment? (Availability, Pricing, LVR constraints, Covenants)

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* 8. In order of difficulty, rate the most difficult covenants/requirements to achieve at present (1 being most difficult, 6 being least)

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* 9. What form of Development Financing do you understand to be the most challenging to source at present? (1 being most challenging, 4 being least)

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* 10. Do you, or your Developer clients, primarily source Senior Development Finance / Development Funding from...

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* 11. Do you, or your Developer clients, source your Development Finance direct through a Funder (Bank or Non-Bank Lender) or through a Finance Broker/Arranger?

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* 12. If you, or your Developer clients, go through a Finance Broker/Arranger what fee do you pay to Broker?

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* 13. Do you, or your Developer clients, have a long term relationship (5 years plus) with a Bank Financier?

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* 14. Are you as the Developer, or your Developer clients, at risk of Project delays due to the lack of suitable Development Finance

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* 15. What is your, or your Developer client's, most recent Senior Development Finance terms - LVR

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* 16. What is your, or your Developer client's, most recent Senior Development Finance interest rate pricing?

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* 17. What is your, or your Developer clients, most recent Senior Development Finance establishment fee and other fees?

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* 18. Did you source the majority of your Senior Development Financing through Banks in 2017?

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* 19. Do you as Developer, or the majority of your Developer clients, use Mezzanine Debt to Finance Projects?

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* 20. If yes, what was the most recent LVR you or your Developer client achieved for Mezzanine Financing?

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* 21. If yes, what was the most recent Mezzanine Finance interest rate pricing?

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* 22. If you would like a copy of the results of the survey please provide your email address