The Sponsors have a background in property development and have completed several projects including a 13 lot subdivision in the Glasshouse Mountains, seven residential apartments in Margate and a 10-storey apartment building in Cotton Tree.
The purpose of this loan is to purchase an investment vacant block of land in Scarborough, a coastal suburb of Perth, Western Australia. After acquisition the Sponsors intend on seeking building and development approvals to construct an upmarket double storey residential dwelling.
The Sponsor can’t get bank finance as their financials do not satisfy banks’ servicing requirements.
Security on offer is the 725m2 vacant land which is only one block from the waterfront and offers ocean views.
The exit strategy is to refinance to construction finance.
- The loan will be secured by a First Mortgage
- Two Personal Guarantees from Individual Sponsors
- General Security Agreement over Corporate Sponsor + PPSR Charge