The Sponsors have a background in property development in Queensland and has previously completed a 13 lot subdivision in the Glasshouse Mountains, seven residential apartments in Margate, and a 10-storey building with 15 apartments in Cotton Tree.
The purpose of this loan is to construct a double storey building on a vacant block of land in Scarborough, a coastal residential suburb on the Redcliffe Peninsula in the north of the Brisbane metropolitan area.
The Sponsor can’t get bank finance as it is a short-term loan and they are unable to satisfy traditional lenders’ servicing requirements.
Security on offer is the vacant block of land in Scarborough.
The exit strategy is to sell the property once construction is complete.
- The loan will be secured by a First Mortgage
- Two Personal Guarantee from Individual Sponsors
- General Security Agreement over Corporate Sponsor + PPSR Charge