The Sponsor has a background in owning and operating a law firm.
The purpose of this loan is to purchase a 17 acre block of vacant land which they plan to subdivide and sell as 17 individual 1 acre blocks.
The Sponsor can’t get bank finance as the purchase of 17 acres of vacant land is outside the bank’s policy.
Security on offer is the Sponsor’s principal place of residence in Cabarlah, a town in the Toowoomba Region of Queensland. The property has five bedrooms, two bathrooms with land area of 20,840msq. The Sponsor is also offering the 17 acre vacant block of land as secondary security which is located in Cabarlah too.
The exit strategy is for the Sponsor to sell his legal business and use the proceeds to pay off the loan. The sale is due to settle in September 2021.
- The loan will be secured by two First Mortgages
- Two Personal Guarantees from Individual Sponsors
- General Security Agreement over Corporate Sponsor + PPSR Charge