INVESTMENT OVERVIEW
The Borrowers have backgrounds in property development and have completed land subdivision projects in Wagga Wagga and Shepparton.
The purpose of this loan is to refinance an existing loan that is due to expire.
The Borrowers can’t get bank finance as their financials do not support further borrowing.
Security on offer are two blocks for development in Kyneton, a village between Melbourne and Bendigo, Victoria. The first property is on 1,042msq land which comes with four bedrooms, one bathroom, a garage and a spacious carport. The second property is on 1,065msq land which features three bedrooms, one bathroom, a detached metal garage and a sheltered workshop.
The exit strategy is to complete a five lot subdivision and sell for a townhouse development.
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 two First Mortgages
- Two Personal Guarantees from Individual Sponsors
- General Security Agreement over Corporate Sponsor + PPSR Charge
