The Sponsor has a background in property investment and previously worked for a development and project management company.
The purpose of this loan is to purchase a residential property in Seacliff Park with the intention to sub-divide the rear of the block into four lots and develop them into townhouses. The application has already been submitted for the sub division.
The Sponsor can’t get bank finance as they wish to settle urgently and as it is a short-term loan the banks are not interested.
Security on offer is the residential property in Seacliff Park, a suburb of Adelaide. The property is a corner block on 780msq with a three bedroom house with one bathroom, a lock up garage and a large shed in the rear.
The exit strategy is to refinance out to a construction loan.
- The loan will be secured by a First Mortgage
- Personal Guarantee from Individual Sponsors
- General Security Agreement over Corporate Sponsor + PPSR Charge