Genie Commercial and InvestmentLending Guidelines
Loan
Size
Maximum $50,000,000
- Business or investment purpose
- Must be Non-coded except where borrower is a company
- A statement of purpose demonstrating the need for and likely usage pattern for redraw facility as opposed to fully drawn loan is required. This facility is not
- Intended to replace a cheque account facility.
Criteria
Industrial,
& Retail
Securities
- Residential, commercial, retail and industrial real estate in metropolitan arrears and major regional centres in all states.
- 1st Mortgage only
- 1st party mortgagor/borrower preferred
- Director¡¯s guarantees to support company borrower
- Group guarantees to support company borrowers where appropriate
- Floating charge from company borrower may be required if security is owner occupied
- Some properties of a specialised nature eg, hotel, motel and retirement villages are not acceptable security.
Principal repayments may be made during the term, repayments other than at maturity or as agreed on approval will be subject to a prepayment fee of 30 days additional interest.
Self Certification
for loans up to
$2,000,000
and 70% LVR
- Criteria for serviceability may be seen as more flexible than other lenders
- Serviceability should be demonstrated and evidenced from one or more of the following.
- Taxation returns
- PAYG statements
- Financial statements
- Cash flow projections
- External accountant assessment of borrower¡¯s debt servicing capability
| Loan Amount | Interest Rate |
| $100,000 - $2,000,000 | 8.50% |
| $2,000,001 - $5,000,000 | 8.20% |
| $5,000,000 + | 7.95% |
Valuation Fee is paid upfront and is non-refundable.
- Maximum $5,000,000
- Business or investment purpose
- Must be Non-coded except where borrower is a company
- A statement of purpose demonstrating the need for and likely usage pattern for redraw facility as opposed to fully drawn loan is required, this facility is not intended to replace a cheque account facility.
- Repayment of the whole facility where the period between the repayment date and the loan maturity ate exceeds 12 months will incur 30 days additional interest of the facility limit.
- Should the period between the repayment date and maturity be 12 months or less, 30 days additional interest will only apply to the principal outstanding.
redraw requests
- Interest payments will be made via the PDC direct system to the borrower¡¯s nominated bank account
- Redraw requests will only be credited to the borrowers same nominated bank account