The Sponsor has a background in property development and has completed the development of over 140 townhouses in Gold Coast area.
The purpose of this loan is to purchase a block of six residential apartments.
The Sponsor can’t get bank finance as sponsor is in the process of finalising his divorce settlement and the bank is concerned that his ex wife will lodge a caveat on the property being purchased.
Security on offer is a brick two-storey building in Kingsliff, NSW, comprising of six flats. Site area 742sqm. The Sponsor has lodged an application to demolish this and build six new apartments.
The exit strategy is to obtain DA and refinance to construction finance
- The loan will be secured by a First Mortgage
- Personal Guarantee from Individual Sponsors
- General Security Agreement over Corporate Sponsor + PPSR Charge