The purpose of this loan is to complete the purchase of a mixed use property in Box Hill North, a suburb 14km east of Melbourne’s CBD.
The Sponsors can’t get bank finance as they don’t have sufficient equity to get bank finance and latest financials are not ready to support a LVR above 60%.
Security on offer is the mixed use three story building. Land area is 214msq and floor area 380msq. The property comprises of a large and modern self-contained 3 bedroom, 2 bathroom dwelling across 2 levels including a huge outdoor entertaining area. This is tenanted. The ground floor is used as retail premises and is currently tenanted by a pizza restaurant. The property also has 4 on site car parking spaces.
The exit strategy is to refinance as soon as financials are prepared.
- The loan will be secured by a First Mortgage
- Personal Guarantee from Individual Sponsors
- General Security Agreement over Corporate Sponsor + PPSR Charge