Cash tied to lease security
Existing deposits and cash-backed guarantees can commit capital while a business occupies its premises.
Commercial lease bonds & fitout finance01 / 20
Make room
for what’s next.
A proposed approach to commercial lease security — helping Australian businesses consider a different use for the cash behind their next space.
Cash-Free Bonds · Business & partner overview
October 2026
October 2026
YOUR BUSINESS. YOUR NEXT MOVE.Illustrative architectural imageryCFB is developing its offering. This presentation describes a proposed business and illustrative forecasts; it is not a product offer or an investment commitment.
The customer problem02 / 20
A new space competes
with other uses for cash.
The deposit is only
part of the move.
part of the move.
The business owner’s decisions
Lease securityFitoutWorking capital
CFB’s proposition starts with these connected decisions.
Fitout costs before opening
A new location or expansion brings fitout decisions alongside rent, inventory and operating costs.
Several parties to align
Tenants, landlords, brokers and funding providers need a clear process and acceptable terms.
Proposition drawn from the supplied CFB business plan and website material. Individual lease, security and finance arrangements vary.
The CFB proposition03 / 20
Lease security and fitout.
One starting point.
Begin with the business and its premises, then assess the proposed structure with the parties who need to agree.
01
Commercial lease bonds
Explore a potential alternative to existing cash deposits or bank guarantees, or security for a new lease.
02
Partner fitout finance
Discuss potential funding for the space itself, with finance principal supplied by an external lending partner.
Any bond or finance arrangement requires assessment, available providers, landlord acceptance where required and agreed terms. Existing security stays in place until an agreed replacement is completed.
Source: supplied CFB planning material and current public website. Provider agreements and product terms are still to be confirmed.
Customers & channels04 / 20
Start with established
commercial tenants.
Existing leasesBusinesses reviewing cash held in current security arrangements
New premisesBusinesses signing a lease, relocating or expanding
Fitout projectsTenants considering funding for a planned fitout
Initial model focusCore tenants.
Core tenants.
Selective Prime exposure.
The Lean Core scenario assumes an 85% Core / 15% Prime bond mix. Emerging tenants are excluded from this reference scenario.
OfficesRetailWarehousesClinicsChildcare
Planned geography: Sydney first, then Melbourne and Brisbane. Prime and Core are internal model tiers, not external credit ratings. The 85% / 15% mix is an assumption, not a customer or issuance record.
Local launch opportunity05 / 20
Sydney offers a
concentrated pilot market
Business establishments
City of Sydney local government area, 2022 survey. A concentrated base for testing referral-led distribution.
Occupied business space
Same City of Sydney survey, across business sectors. Includes space that is not leased or suitable for CFB.
CBD office vacancy
Sydney CBD, July 2026. A separate office-market measure that highlights leasing conditions and tenant risk.
Proposed entry focus: established tenants signing, renewing or reviewing security, reached through leasing agents, finance brokers and advisers.
The City of Sydney council area is not Greater Sydney. Establishments and floor area do not establish eligible lease counts. The pilot must measure required security, underwriting fit and landlord acceptance.
Sources: City of Sydney Floor Space and Employment Survey 2022 (published November 2024); Property Council July 2026 Office Market Report, p20. Rounded from 16,652,587 m². Vacancy uses Sydney CBD geography and is not a lease-transaction or demand count. Strategy is a CFB proposal. Research: 13 October 2026.
National expansion context06 / 20
Australia provides a
larger business base
Businesses with 5–199 staff
Australia, June 2026. Comprises 232,912 businesses with 5–19 staff and 68,325 with 20–199.
Employing businesses
Australia, June 2026. A broader population that includes firms with home-based or owned premises.
National office vacancy
Property Council surveyed office markets, July 2026. Market conditions reinforce the need for selective credit assessment.
Proposed expansion: prove Sydney referral economics and landlord acceptance, then test Melbourne and Brisbane with funded issuance capacity.
CFB’s addressable tenant market remains to be measured. Only a subset will require lease security, meet the credit and ticket criteria, accept the price and obtain landlord agreement. These business counts must not be multiplied directly into a bond market estimate.
Sources: ABS Counts of Australian Businesses, June 2026 (released 18 August 2026, 5–199 total calculated from employment bands); Property Council July 2026 Office Market Report, p2. ABS counts businesses, not leased premises. Sydney–Melbourne–Brisbane sequence: CFB East Coast market plan v2. Research: 13 October 2026.
CFB planning assumptions · AUD07 / 20
What an active book
could earn in gross fees
The Lean Core mix implies $122,500 of average security and $6,362.50 in annual gross fees per active bond, at current prices.
| Active bonds | Security face value | Annual gross bond fees |
|---|---|---|
| 100 | $12.25m | $0.64m |
| 500 | $61.25m | $3.18m |
| 1,000 | $122.50m | $6.36m |
Calculation: 85% Core at $100k × 5.5% and 15% Prime at $250k × 4.5%. Assumes a full year in force, before escalation.
This is a book-size sensitivity, not measured market demand or a CFB revenue forecast. Fee income must cover claims, capital costs, insurer charges, referral costs and operations.
Source: CFB financial model v9, Lean Core preset, 13 October 2026. Face value is contingent exposure, not revenue or required cash backing. Excludes establishment fees, fitout income, tax and GST. Eligibility, landlord acceptance and acquisition are unproven.
Expansion options after Australian validation08 / 20
Four markets for
future expansion
| Market | Published scale context | Opportunity and entry constraint |
|---|---|---|
| New Zealand | 617,330 enterprisesFebruary 2025 · provisional | Adjacent-market pilot. Bank bonds already serve commercial leases. Validate local issuer and landlord terms. |
| England & Wales | 2.14m rateable propertiesNon-domestic local lists · March 2026 | A large property base for a UK entry study. Establish local distribution permissions and accepted wording. |
| Singapore | 371,000 enterprisesCalendar 2025 | Focused retail pilot. The qualifying-lease Code permits up to 50% non-cash security with advance notice, in the landlord’s chosen format. |
| United States | 8.36m employer establishments2023 | Later scale opportunity. Commercial lease surety exists, including Chubb. Start with a local licensed partner and selected states. |
Suggested sequence: New Zealand, England, Singapore, then selected US markets. This is strategic judgment. These different units are context indicators, not comparable tenant counts or a combined global market size.
Scale: Stats NZ; HMRC; SingStat; US Census. Entry context: NZ business guidance, Singapore FTIC Code §8.4, Chubb. Accessed 13 October 2026. No overseas revenue enters CFB forecasts.
Direct competitor and existing substitutes09 / 20
Cash-free bonds compete
with established alternatives
| Provider / category | Published structure and fees | Implication for CFB |
|---|---|---|
| eGuaranteeDirect lease-bond competitor | Insurer-backed, no cash collateral, subject to assessment. Typically 5.5% p.a. below $200k, plus establishment and possible legal fees. | Cash release and digital delivery already exist. CFB must demonstrate a specific customer or service advantage. |
| AMP / MyGuaranteeCash-backed bank guarantee | Applicant deposit secures the guarantee. Advertised $0 onboarding, application and ongoing fees. | A strong explicit-fee benchmark. Customer value depends on the cost and use of committed cash. |
| CommBankBank guarantee | Cash or eligible property security. Cash-secured up to $1m: 2.5%–3.0% p.a., minimums and establishment fees apply. | Banks can offer more than cash-only security. Compare interest earned, collateral and total customer cost. |
| WestpacBank guarantee | Cash or eligible non-cash security. Cash-secured up to $1.5m: 2.5%–3.0% p.a., minimums and $250 establishment apply. | Pricing and acceptance provide an incumbent benchmark. No blanket claim of faster or cheaper CFB delivery. |
Cash deposits are another substitute. Deposit Power covers property purchases, while Leap and LeaseLock serve US rental housing. They are adjacent categories rather than like-for-like Australian commercial lease competitors.
Provider sources, accessed 13 October 2026: eGuarantee, AMP, CommBank, Westpac, Deposit Power, Leap, LeaseLock. Published terms are not binding quotes. Eligibility, expiry, interest and full charges affect comparisons. This review is not exhaustive.
Proposed differentiation10 / 20
A focused offer,
with evidence still to build
Established tenants
Begin with the model’s Core and Prime segments. Validate security sizes, fees and credit appetite against actual leases.
Proof requiredQualified enquiries that become accepted, issued bonds.
Lease and fitout context
One enquiry can start a lease-security discussion and a separate partner-finance assessment.
Proof requiredWritten lender terms and measured customer uptake.
Partner service
Use leasing agents and brokers to reach tenants when lease terms and security are being negotiated.
Proof requiredRepeat referrals, turnaround times and landlord acceptance.
CFB has built its website and enquiry workflow. Product issuance, underwriting performance, distribution agreements and a durable competitive advantage remain to be demonstrated.
Source: CFB business plan v0.3, East Coast market plan v2 and current financial scenarios. Strategic hypotheses, not verified customer outcomes. Digital intake and cash-free security already exist in competing offers.
Business model11 / 20
Fee income, supported
by separate backing capital.
| Income stream | How the model works | What must be agreed |
|---|---|---|
| Bond fees | Annual fees and establishment income on issued bonds, with ongoing servicing. | Customer pricing, provider terms and landlord acceptance. |
| Fitout referrals | Origination and trail income when a lending partner funds a customer’s fitout. | Written referral terms, lender approval and actual settlement. |
| Backing capital | Capital supports bond capacity and claims. It is accounted for separately from operating funding. | Facility availability, liquidity, claim mechanics and capital costs. |
The current model deducts claims, provider/fronting costs, referral costs, overheads, marketing and contingency. Funding receipts are capital, not revenue. Fitout lending is not needed for the Lean Core reference result.
Route to market12 / 20
Build distribution around
the next leasing decision.
Referral partners
Leasing agents, brokers, accountants, fitout contractors and franchisors.
Focused enquiries
Public website and targeted marketing introduce the proposition and capture questions.
CFB follow-up
Enquiries enter the CRM for qualification, notes and follow-up.
Assessment
Confirm suitability, provider availability and accepted terms before proceeding.
10Launch partners assumed
in the Lean Core scenario
in the Lean Core scenario
+1.25Partners added per month
up to a modelled cap of 70
up to a modelled cap of 70
0.4Bonds per partner per month
to validate through a pilot
to validate through a pilot
Distribution figures are planning assumptions, not signed partners or demonstrated conversion. Website enquiries currently feed into CFB’s CRM. The model separately includes paid acquisition.
Operating plan13 / 20
Build in-house.
Stage the operating cost.
Year 1 technology budget
$20k
In-house technology development in Year 1, with the website, lead capture and CRM forming the initial workflow.
01
Part-time employees in Years 1–3
New employee allocations are capped at 0.5 FTE per hire through month 36. Existing half-time allocations stay half-time.
02
Founder pay unchanged
The current model retains founder remuneration from month 13 and the existing salary assumptions.
03
Hiring follows the plan
Lean Core employee headcount reaches 0 / 0.5 / 1 / 1.5 / 2 FTE at each year end, excluding founders.
Illustrative model · AUD · GST not modelled · Nov 2026–Oct 2031. The $20,000 Year 1 technology budget replaces the old setup and recurring technology allowance; later costs follow the scenario. Staffing and start dates are planning inputs.
Illustrative forecasts · AUD14 / 20
Three routes through
the same operating model.
Each scenario is conditional on partner production, fee acceptance, claims experience and substantial backing availability.
| Five-year scenario | Lean Core specialist | Prime tenant channel | Bonds + partner fitout |
|---|---|---|---|
| Total earned revenue | $13.75m | $13.35m | $16.37m |
| Earned operating profit after contingency, before tax | $1.60m | $1.16m | $1.85m |
| Sustained monthly profit starts | Month 29 | Month 30 | Month 29 |
| Primary backing by Year 5 | $42.0m | $47.0m | $49.5m |
On smaller screens, swipe the table to compare all three scenarios.
Illustrative model · AUD · GST not modelled · Nov 2026–Oct 2031 · not actual results. Source: current CFB model v9 presets, 13 October 2026. Figures rounded. Sustained monthly profit requires 12 consecutive profitable months. All cases lose money in Years 1–2.
Lean Core specialist · illustrative forecast15 / 20
The reference case reaches
annual profit in Year 3.
Earned revenue · AUD millions
0.16
0.99
2.28
4.05
6.27
Year 1Year 2Year 3Year 4Year 5
Earned operating profit after contingency · AUD
| Year 1 | ($162k) |
|---|---|
| Year 2 | ($314k) |
| Year 3 | $74k |
| Year 4 | $633k |
| Year 5 | $1.37m |
Month 46
Cumulative earned profit turns positive in the model. Cash receipts and earned revenue follow different timing.
Illustrative model · AUD · GST not modelled · Nov 2026–Oct 2031 · not actual results. Current Lean Core scenario, with no fitout income. Profit is before tax and after contingency. Year 1 and Year 2 operating losses precede modelled profit.
Capital requirements · Lean Core scenario16 / 20
Two funding needs.
Different purposes.
Modelled operating seed · month 13
$1.5m
Supports the operating company. The scenario also models approximately $72k of founder contributions in Year 1.
An operating investment assumption, not a committed round or a substitute for bond backing.
Separate primary backing
$8m initially, staged to $42m
The bond book requires committed backing as issuance grows. The reference scenario’s annual capital plan is:
YEAR 1$8m
YEAR 2$8m
YEAR 3$16.5m
YEAR 4$28m
YEAR 5$42m
Backing availability, concentration limits and claims liquidity govern issuance capacity. Backing does not automatically confer operating-company shares.
The current model keeps seed operating cash, restricted backing and unearned customer fees separate. A funding plan must cover each requirement on its own terms.
Illustrative model · AUD · GST not modelled · Nov 2026–Oct 2031 · not actual results. Capital is planned, not secured. Valuation and dilution remain scenario-dependent. Funding receipts are excluded from earned profit.
Risks and proposed controls17 / 20
The bond book needs
capacity and claims discipline
Defaults and concentration
CFB’s proposed structure retains claims risk. A cluster of defaults can erode backing.
Release gate: Approved underwriting, tenant and sector caps, manual exceptions and independent loss stress tests.
Claims liquidity
A bond may require payment before tenant recovery or term-deposit maturity.
Release gate: Drawable cash, top-up triggers and issuance stops tested against contractual payment deadlines.
Backing and issuer capacity
Funding, fronting and excess-of-loss terms may be unavailable or withdrawn.
Release gate: Executed, funded agreements covering limits, exclusions, run-off and enforceable draw rights.
Landlord acceptance
A landlord may reject the issuer or bond wording, regardless of tenant demand.
Release gate: Written acceptance from pilot landlords and a tested issue, claim, recovery and release process.
The model’s initial $8m backing is a funding assumption. It does not establish committed capacity or prove capital adequacy. Restricted backing must remain separate from operating cash.
Proposed CFB controls informed by the business plan and APRA capital guidance, reinsurance guidance and NSW retail lease guidance. Prudential standards apply to the relevant regulated insurer; they do not determine CFB’s legal status. Research: 13 October 2026.
Risks and proposed controls18 / 20
Permissions, data and
distribution remain launch gates
Legal classification
Direct issue, retained risk and fronting can create different regulatory obligations.
Release gate: Written legal analysis for each risk-bearing entity and required licences or representative arrangements.
Customer and credit data
Public site access must not imply unrestricted access to customer records or credit information.
Release gate: Explicit staff roles, record-isolation tests, permitted credit-data use, privacy notices and incident response.
Pricing and product claims
Cash released is not the same as customer savings. Fees and reimbursement obligations matter.
Release gate: Reviewed quotes and marketing with evidence for claims, material conditions and full cost comparisons.
Acquisition and economics
Partner production, fee acceptance and the proposed fitout benefit are unproven.
Release gate: A bounded pilot measuring issuance, acquisition cost, repeat referrals and contribution after claims and capital costs.
A licensed fronting provider does not by itself clear CFB’s own retained-risk activities. Fitout finance and each overseas market need a separate legal and operating assessment.
Sources: ASIC AFS licensing, credit licensing, APRA authorisation, OAIC credit information, privacy principles, ACCC claims guidance. Proposed gates, not a legal determination or completed approvals. Research: 13 October 2026.
What needs to be proven19 / 20
Validate the agreements
before scaling the book.
Provider & capital structure
Confirm the legal structure, provider arrangements, backing facility, claims process and required approvals.
Landlord & tenant acceptance
Test proposed wording, annual fees and willingness to replace existing security with the relevant parties.
Repeatable partner production
Validate launch partners, qualified enquiries and issued bonds against the model’s monthly assumptions.
Claims & liquidity under stress
Test default losses, delayed recoveries, concentration and available cash before increasing exposure.
Lean Core combined downside: $3.43m five-year operating loss after contingency, before tax. Demand −30%, claims probability ×2, recoveries 6 months later, operating costs +20% and backing premium / lender buy rate +2 percentage points.
Illustrative model · AUD · GST not modelled · Nov 2026–Oct 2031 · not actual results. Downside source: current model v9; approximately $697k additional operating funding after modelled founder funding and seed. Milestones are proposed; approvals and counterparties are not represented as secured.
The next conversation20 / 20
Help shape the
next chapter.
We’re opening conversations with commercial tenants, landlords, referral partners and potential capital providers.
This presentation is for discussion. Product availability, pricing, provider arrangements, landlord acceptance and funding remain subject to assessment and agreement. Financial outputs are illustrative scenarios based on current assumptions; they are not promises of return. Architectural imagery is illustrative.
CFBCASH-FREE BONDSCash-Free Bonds · October 2026