INVESTMENT OVERVIEW
The Borrowers have backgrounds in property development and have completed multiple projects in Tasmania.
The purpose of this loan is to complete the purchase of another investment property in Devonport, a city on the Northwest Coast of Tasmania.
The Borrowers can’t get bank finance as they do not meet serviceability requirements of traditional finance providers.
Security on offer is a 12,000sqm vacant land in Devonport, Tasmania. This property was purchased in Oct 2022 and has a DA for a 4-lot subdivision. The Borrowers have offered two other properties in Tasmania: a 12-lot subdivision in Devonport and a 3-bedroom house in Perth as additional security.
The exit strategy is to sell the DA approved site and repay debt.
This loan has a 3 month pre-paid loan term, with the option for 6 monthly extensions.
SECURITY DETAILS
- The loan will be secured by 1 First Mortgage + 3 Second Mortgages
- Two Personal Guarantees from Individual Sponsors
- General Security Agreement over Corporate Sponsor + PPSR Charge
