| Facility | Entity | Purpose | Amount |
|---|---|---|---|
| Facility 1 | Prestige Auto Direct Ltd | Acquisition — 360 St Johns Road, St Heliers | $3,810,000 |
| Facility 2 | Greenlane 88 & Woodside 88 Ltd | Refinance — 251–253 Great South Rd & 2 Woodside Rd | $8,000,000 |
| Total facilities sought | $11,810,000 | ||
Per signed ILOs, 25 June 2026. Settlement: Tue 22 September 2026 (within the bank's 30 Sept drawdown window).
| Stage | Target |
|---|---|
| Application & KYC packs lodged | July 2026 |
| Fresh registered valuations addressed to the bank | July–August 2026 |
| Ownership transition implemented (subject to legal advice both parties) — certified extracts issued | August–September 2026 |
| Conditions precedent satisfied | Early September 2026 |
| Settlement / drawdown | Tue 22 September 2026 |
| Entity | Operating control (current) | Beneficial ownership (held in trust) |
|---|---|---|
| Greenlane 88 Limited | Directors: Nicole & Victor Armani | 70% Armani Nicole Greenlane 11 Trust · 30% Greenlane 33 Trust |
| Woodside 88 Limited | Directors: Nicole & Victor Armani | 70% Armani Nicole Woodside 11 Trust · 30% Victor Woodside 33 Trust |
| Prestige Auto Direct Limited | Director: Victor Armani | 100% Victor Family Trust |
Shares held in trust; registers being corrected to name the trustee. 360 St Johns / Prestige is wholly Victor's, personally funded — no Nicole interest.
Nicole exits all control (director, registered shareholder, trustee). Shares held in a Victor-controlled trust; Nicole a beneficiary only. Independent corporate trustee co-signs major deals. Same end-result by agreement or enforcement.
Bank security sits on the company that owns the assets and mortgage — constant regardless of which trust holds the shares above it. Certified extracts to evidence at drawdown.
| Entity | Co. # | NZBN | Inc. | Current directors |
|---|---|---|---|---|
| Greenlane 88 Limited | 9086513 | 9429051874650 | 09 Feb 2024 | Nicole Armani, Victor Armani |
| Woodside 88 Limited | 9087132 | 9429051874810 | 09 Feb 2024 | Nicole Armani, Victor Armani |
| Prestige Auto Direct Limited | 5740934 | 9429041831380 | — | Victor Armani |
Registered office for all entities: 253 Great South Road, Greenlane, Auckland 1051. Chartered accountants: D'Mello Chartered Accountants.
Tick each as the document is produced. Saved on this device.
| Trust | Principal family member | Trustees | Established |
|---|---|---|---|
| Victor Family Trust | Victor Armani (aka Amir Hussein Hannani — settlor/appointor) | Victor Armani & Victor Family Trustee Company Ltd (Co# 8083396) | 26 Mar 2015 |
| Greenlane 33 Trust | Victor Armani | Alex Armani & Victor Armani | 01 Feb 2024 |
| Victor Woodside 33 Trust | Victor Armani | Victor Armani | 01 Feb 2024 |
| Armani Nicole Greenlane 11 Trust (70% G88) | Nicole → beneficiary only | Target: Victor Armani + Independent Corporate Trustee (Nicole retiring) | 01 Feb 2024 |
| Armani Nicole Woodside 11 Trust (70% W88) | Nicole → beneficiary only | Target: Victor Armani + Independent Corporate Trustee (Nicole retiring) | 01 Feb 2024 |
11 trusts (70%) → Nicole retires as trustee, beneficiary only; corporate trustee added. 33 trusts (30%) + Victor Family Trust are Victor-controlled.
| Property | Owning entity | Purpose | Valuation | Net rent p.a. |
|---|---|---|---|---|
| 251–253 Great South Road, Greenlane | Greenlane 88 Limited | Refinance | $19,100,000 | $1,000,192 +GST |
| 2 Woodside Road, Mt Eden | Woodside 88 Limited | Refinance | $5,600,000 | ≈$244,552 |
| 360 St Johns Road, St Heliers | Prestige Auto Direct Limited | Acquisition | $4,600,000 | $299,000 +GST |
| Total | $29,300,000 | ≈$1,543,744 | ||
Registered valuations by Seagars. 360 St Johns Road acquired under unconditional contract at $3,800,000 +GST against a $4,600,000 registered valuation (Mar 2026). 2 Woodside Road net per FY2026 actuals after $123,608 operating expenses; contracted gross $368,160.
Figures exclude GST. Multi-tenanted; tenants pay outgoings.
| # | Tenant | Review basis | Contracted p.a. | Invoiced FY26 |
|---|---|---|---|---|
| 1 | Newdane Motors (2007) Limited | 3.5% fixed bi-annual | $57,376 | $55,436 |
| 2 | Armstrong Greenlane Limited | 3% fixed annual | $163,909 | $154,500 |
| 3 | Tristram European Limited | 2% fixed + market | $185,711 | $175,000 |
| 4 | Ichinen Autos (N.Z.) Limited | Market (3-yearly) | $260,000 | $260,000 |
| 5 | Greenlane Auto Panel — Workshop 2 | Market (bi-annual) | $41,128 | $41,128 |
| 6 | Greenlane Auto Panel — Workshop 3 | Market (bi-annual) | $41,128 | $41,128 |
| 7 | Mutual Trust Financial Services Ltd | Market on renewal | $225,000 | $225,000 |
| 8 | Miles Limited | Market (2-yearly) | $30,000 | $30,000 |
| Total (8 tenancies) | $1,004,253 | $982,192 | ||
| Config | Rooms | Annual (full) |
|---|---|---|
| Single rooms | 13 | — |
| Double rooms | 10 | — |
| 23 rooms (gross) | 23 | $368,160 |
FY2026 actual gross $221,167 (net $97,559). Operating expenses $123,608.
| Lender | Reference | Borrowing entity | Security | Balance |
|---|---|---|---|---|
| BNZ — Bank of New Zealand | LSDOC-55280 | Greenlane 88 Limited | 251–253 Great South Road | $12,000,000 |
| Pallas Capital | Refinance facility | Mt Smart 99 Limited | 46 Mt Smart Road, Onehunga | $3,600,000 |
| Total existing liabilities | $15,600,000 | |||
2 Woodside Road is unencumbered (guarantor to BNZ). The Westpac refinance retires the BNZ facility on 251–253 Great South Road. Personal guarantee currently in place on the $12M BNZ facility.
| Entity | Shareholder current accts | Term debt | Net assets / equity |
|---|---|---|---|
| Greenlane 88 Limited | $10,984,475 | $12,000,000 (Flexi, BNZ) | — |
| Woodside 88 Limited | $7,434,092 | Nil | $99,002 |
| Prestige Auto Direct Limited | $57,831 | Nil | — |
Related-party balances within group: Greenlane 88 ↔ ST Heliers 88 ($191,143) and Woodside 88 ($37,402). Full signed financial statements available as exhibits.
| Gross assets (property + personal) | $59,070,000 |
| Total liabilities | $15,600,000 |
| Net position | $43,470,000 |