Saint John Lofts, Launceston...

Helping fund challenging developments

Local businessman Sam Haberle is known for his ambitious ideas – and his plan for an inner-city apartment complex in Launceston’s CBD was no different. Yet, the project’s sophisticated scope came with numerous challenges… and the first was obtaining finance. That’s where MCMF stepped in.

The vision

“It’s something that’s never been done in Launceston before.”

Property developer and architect Sam Haberle has always embraced opportunity. A powerhouse entrepreneur, responsible for several developments across Tasmania, Sam has always had his eyes fixed on the future.

Towards the end of 2020, Sam purchased a two-storey office block in the middle of Launceston’s CBD. At the time, the building languished as an underused office space. However, Sam’s keen eye saw an opportunity to extend the property upwards – with the idea of adding two additional floors to incorporate 11 small apartments.

This type of extension had not been attempted in Launceston before – but Sam knew the benefits would outweigh the risk. The ‘Saint John Lofts’ development would not only relieve pressure on the housing market, but also provide long-term positive impact to the CBD through increased inner-city dwellers.

The issue

“It was a really challenging project from a funding model [perspective]… it was just too tricky.”

While Sam was enthusiastic and ready to proceed – lenders were not. Sam approached several major banks to apply for a loan, however they were unwilling to fund the development due to its complexity – not only as a property development loan, but also because SMSFs were being used to support the project.

The timing of the project was also unfortunate, as it unfolded just as the world was adjusting to life during the pandemic. Lockdowns and supply chain delays were causing economic uncertainty, which was subsequently influencing lending decisions for large-scale developments.

The solution

“Within a week of us giving Steve our figures – he took it to the Board, and we had it approved.”

Sam approached us at MCMF to find out if we could assist – and he was pleasantly surprised to find the process was much simpler than anticipated.

During the application process, Sam appreciated that we were willing to work with him to find the best outcome. Our answer was never “No” but rather, “How can we make this work?”.

He also found our level of service was more premium than other lenders. Being a local lender, Sam could talk directly to the decision-makers to discuss his application, and work with them to find the best way forward.

Within a week of submitting his application, Sam had received funding approval.

The outcome

“MCMF understood what we’re giving back to the community … and how it can impact the city long term.”

Reflecting the demand for inner-city residences, the Saint John Lofts apartments were snapped up as soon as they came on the market. Meanwhile, the ground floor is now home for Sam’s own business, S. Group, with a custom fit-out that reflects the firm’s edgy approach to architecture and brand & marketing.

Sam appreciates the support MCMF provided throughout the process, and that our focus on strengthening the Tasmanian community informed our approval. As Sam noted, we recognised the greater value of the project – not only for him as a property developer, but also for Launceston and the community.

We’re proud to support Sam and the Saint John Lofts development. We know that working with clients such as Sam, we really can create a state of opportunity.

“Our values really aligned – and that allowed us to work together to create something great for Tasmania.”