The Sponsors have a background in property investment and own residential and commercial properties in Mount Martha, Glen Waverley and Brighton East.
The purpose of this loan is to refinance from a major bank. They have all of their properties mortgaged with the bank and are cross-collateralised. This has recently caused issues as they have had delays in accessing funds and have lost out on securing properties they wish to purchase. They plan to slowly restructure their portfolio and are removing a property in Kew from the bank.
They are able to obtain bank finance however, they are changing the title from two names to one name and are looking for quick funds to help in the transition. The bank is not able to fit within their time constraints.
Security on offer is a residential property in Kew, an inner suburb of Melbourne. The property is on 921msq land, with three bedrooms and three bathrooms with living area of 360msq.
The exit strategy is to refinance with a bank once the title has been changed from two names to one.