The Sponsors have a background in property investment and also operates a concrete business, manufacturing precast concrete slabs using a unique patented formula.
The purpose of this loan is to refinance a current loan with Private Mortgages Australia and provide finance to complete a six-lot subdivision. Additional funds will be used to clear an investor loan and to finalise commercialisation of the precast slab product and commence sales.
The Sponsors can’t get bank finance as they are unable to satisfy traditional banks’ servicing requirements.
Security on offer are two residential properties in Moss Vale, a town in the Southern Highlands of New South Wales:
- Land size of 9,166 sqm investment property which has a residential building of 295 sqm with 5 bedrooms, 2 bathrooms and a garage. This property has been earmarked for subdivision into 6 lots (5 vacant land plus existing house & land).
- Land size of 5,274 sqm with a residential property of 280 sqm comprising of 4 bedrooms, 2 bathrooms, a large garage, and a deck.
The exit strategy is to sell the five subdivided lots and then refinance the residual debt.
- The loan will be secured by two First Mortgages
- Personal Guarantee from Individual Sponsors
- General Security Agreement over Corporate Sponsor + PPSR Charge