The Sponsor has a background in construction and is a registered builder.
The purpose of this loan is to refinance two loans, purchase two residential properties and renovate one property. They currently own two properties, one in Clifton Beach in QLD (currently principal place of residence which they plan to renovate) and one in Dudley Park in WA (investment property currently on the market). They also want to purchase two properties in Bungalow, QLD which they plan to subdivide each property into three and sell each lot separately.
They cannot obtain bank finance as they are unable to demonstrate servicing requirements for traditional lenders.
Security on offer is the four residential properties. The Clifton Beach property is a five bedroom house with four bathrooms, office, library and alfresco with total living area of 600msq. The Dudley Park property is a luxurious house on the jetty with four bedrooms, three bathrooms and double garage with 700msq land area. The first property in Bungalow has three bedrooms and one bathroom on 1163msq land area and the second has one bedroom and one bathroom on 1,214sqm land area.
The exit strategy is to sell the Dudley Park property, reduce debt and refinance residual loans with a major bank.
- The loan will be secured by three First Mortgages
- Two Personal Guarantees from Individual Sponsors
- General Security Agreement over Corporate Sponsor + PPSR Charge