INVESTMENT OVERVIEW
The Borrowers have backgrounds in property development and investment. They own other investment properties in Cumbalum and in Wollongbar, NSW.
The purpose of this loan is to complete the development of a duplex property in Goonellabah, NSW.
The Borrowers can’t get bank finance as their financials do not support additional lending.
Security on offer is the block of land in Goonellabah, NSW that is to be developed into two side-by-side units. There are 2 separate fixed price building contracts. Each unit comprises of three bedrooms, two bathrooms and double lock up garage.
The exit strategy is to sell both properties to repay debt.
This loan has an 8 month pre-paid loan term, with the option for 4 monthly extensions.
SECURITY DETAILS
- The loan will be secured by a First Mortgage
- Personal Guarantees from Individual Sponsors
- General Security Agreement over Corporate Sponsor + PPSR Charge
