INVESTMENT OVERVIEW
The Borrowers have backgrounds in property investment and development. They own other investment properties in Cumbalum, NSW and in Wollongbar, NSW.
The purpose of this loan is to refinance an existing loan for a development property in Goonellabah, NSW.
The Borrowers can’t get bank finance as their financials lack serviceability.
Security on offer is the vacant block of land for future development in Goonellabah, eastern suburb of Lismore, New South Wales.
The exit strategy is to refinance out to construction loan.
This loan has a 6 month pre-paid loan term, with the option for 6 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
