The Sponsors have a background in property development in Queensland and have previously completed a 13 lot subdivision in the Glasshouse Mountains, seven residential apartments in Margate, and a 10-storey building with 15 apartments in Cotton Tree. The Sponsors have one existing loan with PMA for purchase of land in Scarborough, QLD.
The purpose of this loan is to provide finance for the purchase of a residential building in Maleny, a town in the Sunshine Coast Region of Queensland. The Sponsors intend to complete some cosmetic renovations to the house and turn it into two residential units before placing it on the rental market. The rear of the block will be subdivided and developed for sale.
The Sponsor can’t get bank finance as they are unable to satisfy traditional lenders’ servicing requirements.
Security on offer is the residential property in Maleny which is on 1,014msq land. It is a four bedroom, two bathroom weatherboard house. The property at Scarborough will be used as secondary security.
The exit strategy is to refinance to construction finance for the development and subdivision of the rear block.
- The loan will be secured by two First Mortgage
- Personal Guarantee from two Individual Sponsors
- General Security Agreement over Corporate Sponsor + PPSR Charge