The Sponsor has a background in property development.
The purpose of this loan is to provide finance for the purchase of a 1,054 sqm block of land in Mango Hill, a suburb in the Moreton Bay Region of Queensland. They have already completed the purchase of the adjacent block and intend to apply for a DA to build five townhouses on each for use as NDIS properties.
The Sponsor can’t get bank finance as they are not able satisfy traditional bank’s servicing requirements.
Security on offer is the 1,054 sqm blocks of land. They are located in a new area that has been developed with residential properties.
The exit strategy is to refinance to construction finance with a private lender specialising in NDIS building and construction.
- The loan will be secured by a First Mortgage
- Two Personal Guarantee from Individual Sponsors
- General Security Agreement over Corporate Sponsor + PPSR Charge