27 lenders are owed a combined $940 million by the collapsed Gold Coast Raptis property empire.
Many of those lenders are expected to suffer substantial losses.
Raptis Group administrator Brian Silvia of BRI Ferrier yesterday said all Raptis's assets had been mortgaged to financiers, with the amount of funds to be recovered expected to hinge on the health of the property sector.
"It's fair to say all the properties in the group are fairly heavily mortgaged and there will be a number of shortfalls to some financiers," Mr Silvia said.
He declined to comment on which banks or financiers were most likely to be stung by the collapse. The ANZ, Westpac and St George are all understood to have lent money to various arms of the Raptis web of about 90 companies.
Capital Finance Australia, an arm of global financier HBOS, lent Raptis up to $500 million in August last year.
Struggling Gold Coast financiers City Pacific and the Octaviar Premium Income Fund (formerly MFS PIF) have about $75 million worth of direct or indirect exposure to Raptis.
Octaviar is understood to be owed about $35 million by the crumbling Raptis empire, while City Pacific has a $25 million loan to a property development joint venture between Raptis and CIY affiliate CP1.
City Pacific managing director John Ellis said City Pacific would have a "residual exposure" to the Raptis Group of between $10 million and $12 million, after the land associated with that joint venture -- now in receivership -- was sold.
Separately, Mr Ellis said the City Pacific First Mortgage Fund had lent $17.9 million to SP Marina, another joint venture between City Pacific and Raptis.
That exposure would be "reduced to nil" for the mortgage fund because an "alternate partner" had taken on Raptis's share of the development, Mr Ellis said.
However, City Pacific itself had also provided a "loan facility" to SP Marina for $25.8 million.
The parent company of the Jim Raptis-backed empire, the listed Raptis Group, collapsed on Monday for the second time in less than two decades.
The collapse of the group -- one of the biggest developers on the Gold Coast, with projects such as the massive Southport Central -- follows the 1993 meltdown of the company in the last property slump, in which Raptis investors lost more than $65 million.
Mr Silvia said Mr Raptis had provided him with a proposal to restructure the group and Raptis-arm Rapcivic Contractors, which collapsed in December. "Whether or not there is the potential to restructure at this stage I don't know," Mr Silvia said.
He said Mr Raptis had claimed he was seeking to place his opulent Gold Coast home -- valued at about $12 million 18 months ago -- on the market.
However, Mr Silvia said Mr Raptis said he had not yet seen the property listing and Mr Raptis had not told him he intended to inject the proceeds into Raptis Group.
