The Sponsors have a background in property renovation and investment (property flipping) and have completed a couple of small projects round Sydney.
The purpose of this loan is to refinance current debt with another lender and provide funds for the construction of a double-storey dual occupancy dwelling in Long Jetty, NSW.
The Sponsor can’t get bank finance as they are unable to satisfy traditional lenders’ servicing requirements if they demolish the current house on the block, which is tenanted.
Security on offer is the 854msq land in Long Jetty, a town located on the Central Coast of NSW.
The exit strategy is to sell the two dwellings to repay the debt.
- The loan will be secured by a First Mortgage
- Personal Guarantee from Individual Sponsors
- General Security Agreement over Corporate Sponsor + PPSR Charge