The Sponsors have a background in property development.
The purpose of this loan is to provide finance for the completion of 12 apartments with basement car parks located on Burke Street in Kew East, an Eastern suburb of Melbourne. 90% of stock is pre-sold with net presales of $6.55M (the final apartment for long term hold) and the project is 96% complete. They require the new funds to obtain the Occupation Certificate and complete the subdivision.
Security on offer is the Sponsor’s principal place of residence, a 6,216msq property with double-storey home in the Melbourne suburb of Montrose which includes five bedrooms and three bathrooms.
The exit strategy is to repay debt from settlement proceeds of the construction project in Kew East.
The loan will be secured by a Second Mortgage
Two Personal Guarantees from Individual Sponsors
INTERESTED IN INVESTING?
This opportunity is now open. For more information on current investment opportunities, please contact: