The Sponsors have a background in property investment and operate a caravan manufacturing business. In addition to our security, they have several other properties in their portfolio in Campbellfield, Roxburgh Park and Greenvale in Victoria.
This is a partial refinance of debt with Commonwealth Bank which holds first mortgage over all the borrower’s property portfolio. Balance of properties are being refinanced to another private lender with CBA requiring that settlement of all properties occur simultaneously.
They aren't able to obtain bank finance as there are some issues with their credit file and they are unable to demonstrate traditional servicing requirements.
The security property on offer is a parcel of industrial land which is used as a caravan display park and it is an owner operated business. Total site approximately 4,085msq with a warehouse approximately 750msq and office/amenities 110msq. The land comprises of three separate titles.
The Sponsor's exit strategy is to refinance at the end of the term and if that fails, will sell this site.