The Sponsor operates a quality assurance consulting business specialising in the development, implementation, maintenance and auditing of ISO 9001 quality management systems and HACCP/Food Safety Management Systems. Due to the COVID-19 outbreak the business has had a significant downturn in income and needs an injection of funds to help keep the business afloat and to consolidate some business debts including suppliers and two overdraft debts.
The purpose of this loan is to provide finance for the consolidation of existing debt and providing working capital.
The Sponsor can’t get bank finance as their financials are not ready and they require funds urgently to meet business expenses.
Security on offer is an unencumbered residential property in Devonport, Tasmania which is currently tenanted. It is a single level, detached house with three bedrooms, one bathroom and a granny flat in the rear of the main house on 1,055msq land.
The exit strategy is to refinance and settle the debt.
- The loan will be secured by a First Mortgage