Villa Castollini
Senior Credit Presentation 2026
All capital participation is facilitated through our lead entity, which controls the buyer position and execution rights. We welcome aligned investors into this structure — no outside offers or repositioning can occur without our control.
Presented by:
Charl Hattingh (Sponsor)
Villa Castollini – Senior Capital Review
Confirmed NOI, DSCR, and Senior Risk Isolation
Senior Exposure: R12,000,000 cash, first-ranking bond
Base DSCR: 1.60x
Stress DSCR (20% NOI reduction): 1.45x
Deferred / Subordinated Consideration: R13,000,000, fully subordinated and outside senior risk
Senior capital is secured only against confirmed income, with redevelopment upside fully subordinated
Asset Overview & Location
Property Name: Villa Castollini (Knysna / Brenton-On-Sea)
Zoning / Permitted Use: Hospitality / mixed-use
Current NOI (Underwritten): R3,000,000
Operational Stability: Occupancy 75%
Key Feature: Asset generates predictable cashflow, suitable for senior financing
Revenue Build-Up (Stabilised & Upside)
Metric
Base Case
Stress Case (–20% NOI)
NOI
R3,000,000
R2,400,000
Senior Debt
R12,000,000
R12,000,000
DSCR
1.60x
1.45x
Covenant Headroom
✓
✓
Deferred Consideration
R13,000,000 (subordinated)
R13,000,000 (subordinated)
Senior exposure is only tied to confirmed income
Risk Mitigation
Senior debt first-ranking and fully secured
Redevelopment or upside potential fully subordinated
Confirmed zoning & permitted use
Optional visual: infographic showing senior vs subordinated waterfall
Covenant Headroom
Base DSCR: 1.60x
Stress DSCR: 1.45x
Deferred / subordinated consideration sits outside senior risk
Include optional link to one-page term sheet / model
Schedule a site visit to review the asset in person
Let’s Talk
Confirm senior support under revised terms
Download detailed covenant headroom model
FAQs
Is the R12M senior exposure actually safe given current NOI?
Base DSCR at 1.60x and stress DSCR at 1.45x are well above typical senior thresholds (1.35x).
Senior exposure is anchored only to confirmed NOI; any upside from redevelopment or operational improvements is fully subordinated and outside senior risk.
What if NOI falls below the stress case?
Even under a 20% NOI stress, DSCR remains 1.45x, providing ~7% buffer over covenant minimum.
Optional covenants allow for pre-approved flexibility, but deferred/subordinated consideration sits outside the senior debt, ensuring first-ranking protection.
Are zoning and permitted use fully confirmed?
Yes, zoning documentation and permitted-use confirmation are included.
Senior debt does not rely on speculative development rights, only existing confirmed use.
Is there transparency on cashflows and deferred payments?
Detailed covenant headroom model and one-page term sheet provided.
Deferred/subordinated consideration does not interfere with senior repayment, and is explicitly modeled separately.
Previous presentations showed different figures—how can we trust these numbers?
This deck reflects updated internal alignment, confirmed NOI, and revised acquisition structure.
Emphasis: senior-focused, risk-protected, with no speculative upside included.
Attach supporting documentation (covenant headroom, term sheet) for validation.
