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Fitzgerald Housing Negotiates Credit Line

Media Release

Fitzgerald Housing has announced that it has negotiated a 5$ million credit line with Sydney-based Everson Property, which can be extended to $15 million.

Fitzgerald Housing CEO Gary Fitzgerald said this financial arrangement gives the charity a range of tangible benefits moving forward.

19 September 2022

 

Having the credit line in place gives us credibility and confidence when negotiating with property developers and landowners,” Mr. Fitzgerald said. “As a charity, many developers want to assist our cause and provide affordable housing because they are more and more aware that there is a social contract allowing them to do business and they really do want to help”

 

Our developers are prepared to offer very favourable terms and conditions that we can pass on to our buyers. At the end of the day though, they need to be confident that they can get paid. Our credit line and relationship with Everson gives our developers that confidence.

 

The CEO also outlined the short term and long term benefits that Fitzgerald Housing will derive from this relationship.

 

In the short term we have been able to roll out our sales and marketing efforts and supply 100 new affordable homes in our first full financial year. With the expansion of the program due to Everson we may well double that figure,” Gary Fitzgerald said.

 

In the long term we are working with Everson to establish a unique charitable investment fund or CIF which will allow investors to invest in purpose built affordable housing with investment returns that are not only competitive in the market place but give investors the ability to support their community.

 

Everson Property, a specialist real estate investment firm and financier to real estate and development projects, has since 2008, worked with real estate and development partners to provide capital funding solutions.

 

The company provides sophisticated investors with a range of attractive, high yield, risk-adjusted returns via exposure to Australia’s commercial, industrial and residential real estate sectors, and specializes in senior funding, mezzanine and structured finance; joint venture and equity; and advisory and arrangement services.

 

Fitzgerald Housing CEO Gary Fitzgerald said he chose to deal with Everson because they are proven players in property.

 

The people at Everson have a depth of understanding that isn’t replicated elsewhere,” Gary Fitzgerald said. “People may be skeptical but there are lenders out there with a social conscious“. 

 

Everson also see the need to be at the cutting edge and as all three levels of government are making changes that will affect all developers.  Everson sees that understanding just how affordable housing works and how it can be profitable for investors and builders is an important skill set to have. 

 

In a word they’re innovative. Sure they want their investors to get the highest and safest returns, but they know that can be achieved to the benefit of everyone when they apply some imagination and expertise.