Private Lending First Mortgage - Coogee NSW 2034: $4M Commercial Debt Consolidation

When commercial borrowers need speed and certainty, private lending becomes the most practical solution. Our recent $4 million first mortgage arranged on a $35 million commercial property in Coogee NSW shows how non-bank lending delivers fast, flexible results that traditional banks simply cannot match.

In this case, the borrower needed urgent commercial debt consolidation, a low interest rate of 8.5 percent, and a 12 month term without the lengthy processes, strict requirements, and delays that come with the banks.

The Client’s Situation: Speed Over Paperwork

The client contacted Innovate Funding late on a Thursday night, frustrated with their existing bank’s slow timelines and rigid requirements.

They made it clear they wanted:

• No lengthy application process

• Simple, streamlined documentation

• Fast approval

• A private lender capable of securing a large first mortgage quickly

By Friday afternoon, less than 24 hours later, we secured full approval from one of our private lending partners.

The loan settled the following week, only delayed because the original bank took longer to complete the discharge on PEXA. Without this delay, settlement would have occurred within days.

This is what private lending is built for: real-world speed.

The Innovate Funding Solution

We arranged a $4,000,000 private lending first mortgage secured against a $35,000,000 commercial asset in Coogee NSW 2034.

Key Deal Terms - Private lending Coogee NSW 2034

• Loan Type: Private lending first mortgage

• Loan Amount: $4,000,000

• Security Property Value: $35,000,000

• Purpose: Commercial debt consolidation

• Interest Rate: 8.5 percent per annum

• Term: 12 months

• Approval Speed: Same day

• Settlement: One week (delayed only due to bank discharge on PEXA)

This allowed the borrower to consolidate multiple commercial facilities into one manageable loan and create a clean pathway to refinance back to a mainstream lender.

Why Private Lending First Mortgages Are Ideal for Large Commercial Deals

Fast Turnaround

Banks can take weeks. Private lenders can approve within 24 to 48 hours, as demonstrated in this Coogee deal.

Flexible Requirements

Private lenders focus on property value and commercial purpose, not rigid banking criteria.

Low Interest Rates for First Mortgages

For strong assets with low LVRs, rates from 8 to 9 percent are achievable.

Suitable for Debt Consolidation

Borrowers can combine multiple debts into one clear and manageable facility.

Short-Term Commercial Strategy

Private lending gives borrowers time to refinance, restructure or stabilise their financial

position.

FAQs About Private Lending First Mortgages

1. Why did the borrower choose private lending instead of a bank?

They wanted speed, a simple process, and flexibility. The bank required extensive documentation and lengthy assessments that did not suit their urgent timeline.

2. How long did this private lending approval take?

The borrower spoke to us Thursday night and the approval was issued Friday afternoon. This was a same-day turnaround.

3. Why did settlement take a week?

The delay was due to the original bank taking time to process the discharge on PEXA. The private lender was ready to settle immediately.

4. Are private lending interest rates competitive for first mortgages?

Yes. For strong commercial assets, rates can be as low as 8 to 9 percent depending on LVR and risk profile.

5. What documents are needed for a first mortgage private loan?

Usually far less than a bank. Typically required:

• Identification

• Council and rates notice

• Current statement confirming existing debt (if applicable)

  
  

6. Can the borrower refinance back to a bank later?

Yes. These loans are often used as short-term facilities before refinancing with a mainstream lender.

7. Does Innovate Funding work with commercial borrowers Australia-wide?

Yes. We arrange private lending first mortgages across all Australian states and territories.