The Sponsors operate a concreting business.
The purpose of this loan is to provide finance for the purchase of a vacant block of land for future development.
The Sponsors can’t get bank finance as they do not have updated financials to support their application for traditional finance providers.
Security on offer is the 843sqm vacant block of land being purchased in Corinella, a seaside town in the Gippsland region of Victoria, and the Sponsor’s principal place of residence in nearby Grantville, a four bedroom, two bathroom house with a double garage on 575msq.
The exit strategy is to complete financials and refinance out to construction finance.
- The loan will be secured by two First Mortgage
- Personal Guarantee from two Individual Sponsors
- General Security Agreement over Corporate Sponsor + PPSR Charge