The Sponsors have a background in property development and have completed land subdivisions in Wagga Wagga and Shepparton.
The purpose of this loan is to purchase a property in Kyneton, a town in the Macedon Ranges region of Victoria, which will be subdivided into three or four lots.
The Sponsor can’t get bank finance as they require a short-term loan and are unable to demonstrate banks’ servicing requirements.
Security on offer is the 1,060msq property in Kyneton as well as the adjoining 1,012msq property which the Sponsors purchased in 2020 and have since obtained a permit for a three lot subdivision.
The exit strategy is to sell the lots and repay the debt.
- The loan will be secured by two First Mortgage
- Personal Guarantee from two Individual Sponsors
- General Security Agreement over Corporate Sponsor + PPSR Charge