Know the rate, fees and valuation cost before you commit
A $30 million funding line
We have a $30 million funding line specifically set aside as a non-bank facility, so the capital is ready when you need it.
A letter of offer within 24 hours
We review your application and provide a letter of offer within 24 hours of your enquiry, with the rate, fees and valuation cost set out before you commit to anything.
The valuation, quoted first
We quote the valuation cost before it's ordered, and you only proceed if you're happy with the pricing. Every property is valued at fair market value by our panel of professional valuers. Once you accept and the valuation is complete, most loans settle within 48 hours.
You speak directly with the decision maker.
Deal example
Spalding, SA · $240,000 · Property purchase settled on a 12-month prepaid term
Our client needed to settle a property purchase in Spalding, South Australia. Other finance providers couldn't approve the postcode, but we were able to offer an approval and settled on a 12-month prepaid loan term.
What is a first mortgage from Vivian Locke Capital?
A first mortgage is a commercial loan secured by a first-ranking mortgage registered on the title of a property your company or its director owns. At Vivian Locke Capital it suits a property that carries no existing mortgage, or a purchase or refinance where the existing loan is repaid at settlement. Loans run from $100,000 to $10,000,000, from 8.65% p.a., interest only, for 1 to 24 months, to Pty Ltd companies only. Every loan is commercial in nature and every property is valued before funds are released.
Buy, refinance or release equity in property with no existing mortgage
Every loan has a clear commercial use, stated in your application with the amount required.
Property purchase
Settle a purchase before other finance is ready, with the sale of another property or a refinance stated as your exit.
Get your rate
Loan refinancing
Refinance existing debt on the property into one interest-only facility for 1 to 24 months, repaid from your stated exit.
Get your rate
Equity release
Unlock equity in an unencumbered property for business purposes, against a valuation and a stated exit strategy.
Get your rate
Working capital
Bridge a cash flow gap and keep the business trading, then repay from a refinance, a sale or business cash flow.
Get your rate
ATO or BAS debt
Clear ATO or BAS debt and restore your borrowing capacity, supported by a serviceability letter from your accountant.
Get your rate
Development finance
Fund the next stage of a project against property you already own, valued at fair market value before funds are released.
Get your rate
First mortgage rates, terms and LVR
Vivian Locke Capital first mortgages start from 8.65% p.a., interest only, for 1 to 24 months, from $100,000 to $10,000,000.
| Loan amount | $100,000 to $10,000,000 |
|---|---|
| Rate | From 8.65% p.a. |
| Term | 1 to 24 months |
| LVR | Up to 75% of the property value on residential security, less what is owed. Commercial and land are assessed case by case. |
| Repayments | Interest only, no principal repayments during the term |
| Security | Residential, commercial and land |
| Location | Australia-wide, with no postcode restrictions |
| Borrower | Australian Pty Ltd companies only, with Australian property as security |
| Valuation | On every loan, quoted before it's ordered |
The rate, fees and valuation cost are set out in your letter of offer before you commit to anything.
Can my company apply for a first mortgage?
Yes: Vivian Locke Capital's first mortgages are for Australian Pty Ltd companies with residential, commercial or land property as security, for commercial purposes only. Every loan is written on the same conditions:
- An Australian Pty Ltd company borrows, and a registered director signs as guarantor with ID for AML and KYC checks.
- The security is Australian residential, commercial or land property with no other mortgage on it once the loan settles.
- The funds have a clear commercial use. We don't offer personal or consumer loans.
- Your accountant or financial planner provides a serviceability letter.
- You state your exit strategy: a refinance, a sale or business cash flow.
- The property is valued before funds are released, and the valuation cost is quoted before it's ordered.
The assessment centres on the property value, the debt against it and your exit strategy, supported by a serviceability letter from your accountant. That letter is the document to have ready before you start.
First mortgage, caveat loan or second mortgage: which fits your deal?
Vivian Locke Capital offers all three. A first mortgage is registered first on the title. A caveat loan and a second mortgage both sit behind an existing bank loan, which stays as it is. Every loan is valued before funds are released.
| Caveat loan | Second mortgage | First mortgage | |
|---|---|---|---|
| How it's secured | A caveat lodged on the title of a property you own, recording our interest in it | A mortgage registered on the title behind your existing bank loan | A first-ranking mortgage registered on the title |
| Your existing loan | Stays as it is; the caveat sits behind it | Stays as it is; the second mortgage sits behind it | The property carries no other mortgage, or the existing loan is repaid at settlement |
| The step that releases funds | Once you accept and the valuation is complete, a caveat is lodged over the property and the funds are released | Once you accept and the valuation is complete, the second mortgage is registered behind your existing loan and the funds are released | Once you accept and the valuation is complete, the mortgage is registered on the title and the funds are released |
| Rate | From 1.75% per month, interest only | From 1.75% per month, interest only | From 8.65% p.a., interest only |
| Term | 1 to 24 months | 1 to 24 months | 1 to 24 months |
| Use it when | You want short-term funding secured by a caveat, with nothing registered or refinanced | You want the equity in a property that already has a mortgage, with your bank loan left as it is | The property carries no existing mortgage, or you're refinancing the existing loan |
Compare caveat loans in full, or see second mortgages. All three sit under our commercial property loans.
How it works
A letter of offer within 24 hours of your enquiry, then the valuation, then the funds.
1
Tell us what you need
Complete our short questionnaire with your loan amount, the property you are offering as security and how the funds will be used. It takes 2 minutes.
2
Get your letter of offer
We review your application and provide a letter of offer within 24 hours of your enquiry, with the rate, fees and valuation cost set out before you commit.
3
Valuation, registration, funds
We quote the valuation cost before it's ordered. Once you accept and the valuation is complete, the mortgage is registered on the title and the funds are released; most loans settle within 48 hours of acceptance, once the valuation is complete.
The loan documents go to your lawyer before settlement, so have their details ready when you accept.
What we need from you
To provide a letter of offer, we require the following information.
Loan details
1
Clear commercial use of the funds with the amount required
2
The term required (1 to 24 months) and your exit strategy after our term expires
3
Details of the borrowing Pty Ltd company with its ABN and the nature of the business
Security details
4
The full address of the proposed security and details of the security type (house, land, commercial premises, etc.)
5
Your estimated value of the proposed security and the current debt level on the property
6
Details of the guarantor(s) and their ID to comply with AML and KYC requirements
What a first mortgage costs, and how the valuation is quoted
A Vivian Locke Capital first mortgage costs from 8.65% p.a., interest only, with the rate, fees and valuation cost set out in your letter of offer before you commit.
Every loan is secured against a valuation of your property, carried out at fair market value by our panel of professional valuers. There is no loan without one. We quote the valuation cost before it's ordered, and you proceed only if you're happy with the pricing.
The valuation feeds the assessment: the property value, the current debt against it and your exit strategy, supported by a serviceability letter from your accountant.
What happens if your exit moves?
If your exit moves, the property stays the security: a Vivian Locke Capital first mortgage remains on the title until it's repaid, on the terms in your loan documents, so read them with your lawyer before you sign.
Your exit strategy is how the loan is repaid at the end of its term, and it's assessed before any offer is made. There are 3 exits:
- A refinance, for example with a bank
- The sale of a property
- Business cash flow
The loan is secured against your property, so the property value, the debt against it and your exit are weighed together, supported by a serviceability letter from your accountant. If your exit timing changes during the term, tell us as early as you can.
A first mortgage isn't for personal or household spending: every loan is commercial in nature, to a Pty Ltd company.
Who you're dealing with
Vivian Locke Capital provides first mortgages, caveat loans and second mortgages to Pty Ltd companies with residential, commercial or land security, from $100,000 to $10,000,000.
Vivian Locke Capital is the trading name of Vivian Locke & Partners Pty Ltd, ABN 89 639 401 648. We have a $30 million funding line set aside as a non-bank facility. Every loan is commercial in nature, made to an Australian Pty Ltd company, secured against Australian property and valued before funds are released. We don't offer personal or consumer loans. You speak directly with the decision maker.
Questions directors ask
When does a first mortgage fit better than a caveat loan or second mortgage?
A Vivian Locke Capital first mortgage fits when the property carries no existing mortgage, or when the existing loan is being repaid at settlement, such as a purchase or a refinance. If your bank loan is staying in place, a caveat loan or a second mortgage sits behind it instead. All three run from $100,000 to $10,000,000, interest only, for 1 to 24 months, and every property is valued before funds are released.
Why is the first mortgage rate quoted per year and the others per month?
Vivian Locke Capital quotes first mortgages from 8.65% p.a. and caveat loans and second mortgages from 1.75% per month, and the letter of offer sets out the rate, fees and valuation cost for your loan before you commit. All three are interest only, with no principal repayments during the term.
How do I check who I'm dealing with before I sign?
Before signing with Vivian Locke Capital, check the legal entity and ABN, read the letter of offer and have your lawyer review the loan documents. Vivian Locke Capital is the trading name of Vivian Locke & Partners Pty Ltd, ABN 89 639 401 648, which you can look up on the Australian Business Register. Your letter of offer sets out the rate, fees and valuation cost before you commit, so you compare the full cost, not only the rate.
Can my company refinance an existing loan with a first mortgage?
Yes. Loan refinancing is one of the commercial uses Vivian Locke Capital funds: the existing debt on the property is repaid at settlement and the first mortgage is registered in its place, for 1 to 24 months, with your exit stated in the application. The assessment centres on the property value, the debt against it and your exit strategy, supported by a serviceability letter from your accountant.
Can a first mortgage be used for personal purposes?
No. A Vivian Locke Capital first mortgage is a commercial loan to a Pty Ltd company for business purposes, and we don't offer personal or consumer loans. A registered director signs as guarantor with ID for AML and KYC checks.
Get your letter of offer
Tell us the amount, the property and what the funds are for. It takes 2 minutes, and your letter of offer follows within 24 hours of your enquiry.
Important Information
- Please note that we do not offer personal or consumer loans. Loans are commercial only in nature.
- Please be advised that you must provide a suitable serviceability letter from your accountant or financial planner, and clearly state your exit strategy for the loan.
- Please ensure you provide all forms of ID to comply with AML and KYC requirements and be a registered director of an Australian company.
- Vivian Locke & Partners Pty Ltd, trading as Vivian Locke Capital, ABN 89 639 401 648.