INVESTMENT OVERVIEW
The Borrowers have backgrounds in property investment and development. They specialise in developing residential properties with prefabricated materials which they import from New Zealand.
The purpose of this loan is to refinance an existing loan and to provide funds for the importation of more stock.
The Borrowers can’t get bank finance as they need the funds quickly and can’t wait for bank approval.
Security on offer are two residential properties and one large block of land for future subdivision in Tasmania. The first property is on 668msq land which comprises of three bedrooms, one bathroom, and four parking spaces in Howrah, Tasmania. The second property is a 1.6ha vacant land for future subdivision in Shorewell Park, a suburb of Burnie, located on the northwestern coast of Tasmania. The third property is on 668msq land which comprises of three bedrooms, two bathrooms, and a covered garage in Shorewell Park, Tasmania.
The exit strategy is to sell the residential properties and then refinance the vacant block of land for subdivision.
This loan has a four month pre-paid loan term, with the option for four monthly extensions.
SECURITY DETAILS
- The loan will be secured by three First Mortgages
- Personal Guarantees from Individual Sponsors
- Two General Security Agreement over Corporate Sponsor + PPSR Charge
