The Sponsor’s family has owned the commercial property in Lalor since 1971.
The purpose of this loan is to provide finance for the demolition of the current property and the construction of a three level building with a retail shop and carpark on the ground floor plus two 2-bedroom apartments on the 1st and 2nd floor. There is currently a DA in place for the construction of a mixed-use development.
The Sponsor can’t get bank finance as they are unable to satisfy banks’ servicing requirements.
Security on offer is the commercial property in Lalor, a suburb of Melbourne, which currently houses a photography studio and picture framing business.
The exit strategy is to lease the premises on completion and refinance to a longer term loan.
- The loan will be secured by a First Mortgage
- Two Personal Guarantee from Individual Sponsors
- General Security Agreement over Corporate Sponsor + PPSR Charge
- A tie-In Deed between the Lender, Borrower and Builder