INVESTMENT OVERVIEW
The Borrowers have backgrounds in the concrete industry and are commercial property developers.
The purpose of this loan is to fund the balance of a property purchase in Williamstown North, Victoria and cover all associated fees and costs.
The Borrowers have been unable to secure traditional bank finance at this stage. While conditional approval has been provided, they are expected to have a stronger position to obtain bank finance once the project is completed.
Security on offer is a property in Ravenhall, a suburb in Melbourne, Victoria. The property comprises 24 brand-new warehouses ranging in size from 102sqm to 532sqm.
The exit strategy is to refinance the loan with traditional finance and repay the debt in full.
This loan has a six month pre-paid loan term, with the option for six monthly extensions.
SECURITY DETAILS
- The loan will be secured by First Mortgage
- Two Personal Guarantees from Individual Sponsors
- General Security Agreement over Corporate Sponsor + PPSR Charge
