Credit Suisse boosts Lannock Strata Finance capacity

Credit Suisse boosts Lannock Strata Finance capacity
Credit Suisse boosts Lannock Strata Finance capacity

Credit Suisse has provided a $100 million funding facility to Lannock Strata Finance.

Lending to body corporates to fund strata improvements, such as repairs, renovations, renewals and defect rectification is an emerging, but highly specialised area.

Lannock managing director Paul Morton founded Lannock 14 years ago.

It finances capital works for strata blocks around Australia for litigation and also re-development.

"The capital value of these apartment buildings will diminish without investment in renovation or improvement and that's bad for owners," Mr Morton said.

"It is a small market segment at the moment but we are buying into the growth story," Credit Suisse managing director Will Farrant said.

The corporate advisory group Aura Capital become a significant shareholder in Lannock last year.

NSW has some 775,000 strata lots, followed by Victoria (750,000), Queensland (410,000), WA (285,000), SA (270,000), ACT (46,000), Tasmania (34,000) and NT (18,000), figures from Strata Community Australia show. 

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