The purpose of this loan is to provide finance for the soft costs associated with the construction of two duplexes.
They can't get bank finance as it outside their current bank's policy.
Security on offer is the Sponsor’s principal place of residence, a double-storey home in Carlingford, NSW, a north-western suburb of Sydney. The house has four bedrooms and three bathrooms on a large 929sqm block.
The exit strategy is to obtain a DA for dual occupancy and refinance out to construction finance or sell the property with the DA.