The Sponsor operates a company manufacturing and distributing stone bathware such as bathtubs, vanities and basins. This is a refinance and a new loan in order for the sponsor to consolidate several debts and purchase new plant and equipment for the business.
They aren't able to obtain bank finance as the bank isn't able to provide finance within their timeframe and they require funds to repay current loans and take delivery of the plant and equipment already purchased.
The security property on offer is the Sponsor’s principle place of residence in Fitzroy, a Victorian Terrace with four bedrooms, two bathrooms and one car space which has undergone extensive renovation. They are also offering two residential investment properties in Melbourne (1 bedroom, 1 bathroom apartment) and Adelaide (two bedroom, 1 bathroom unit).
The Sponsor's exit strategy is to repay debt from cash flow or refinance back to their current bank.
The loan will be secured by three Second Mortgages
General Security Agreement over Corporate Sponsor + PPSR Charge
Two Personal Guarantees from Individual Sponsors
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