INVESTMENT OVERVIEW
The Borrowers have backgrounds running a business that provides small renovation services to clients in Western Australia.
The purpose of this loan is to complete the purchase of a new investment property in Silver Sands, a northern suburb of Mandurah, Western Australia.
The Borrowers can’t get bank finance as they do not meet serviceability requirements of traditional finance providers.
Security on offer is a residential property in Meadow Springs, WA. The property is on 621 sqm land with three bedrooms, two bathrooms, and a garage. In addition, the Borrowers have provided two other properties as additional security: a two-bedroom residential property on an 801 sqm lot in Falcon, WA, and a four-bedroom residential property on an 812 sqm land in Silver Sands, WA.
The exit strategy is to sell the property once refurbished to repay the debt.
This loan has a 4 month pre-paid loan term, with the option for 2 monthly extensions.
SECURITY DETAILS
- The loan will be secured by 1 First Mortgage + 2 Second Mortgages
- Two Personal Guarantees from Individual Sponsors
- General Security Agreement over Corporate Sponsor + PPSR Charge
