The Sponsors are builders and property investors and have backgrounds in property development. They own several properties located in Wollert, Broadford and Mernda, VIC.
The Sponsors have encountered an unexpected cost overrun on their current project and require additional funds to progress the construction. Therefore, the purpose of this loan is to complete the construction project of a residential property in Bentleigh East, VIC.
The Sponsors can’t get bank finance as their financials are not up to date and also waiting for several weeks for bank approval is not suitable.
Security on offer is a residential property in South Morang, a suburb north of Melbourne’s CBD. The double storey free standing house is on 615msq land and comes with four bedrooms, two bathrooms and a double lock up garage.
The exit strategy is to sell the fully constructed property to repay the debt.
- The loan will be secured by a Second Mortgage
- Personal Guarantees from Individual Sponsors
- General Security Agreement over Corporate Sponsor + PPSR Charge