The Sponsors are existing borrowers who have a background in property investment and have a portfolio of residential and commercial properties. Previous dealings include refinancing three separate loans (due to different ownership for each property) with one having been since repaid in full.
The purpose of this loan is to refinance an existing loan with PMA and another private lender.
The Sponsor can’t get bank finance as their financials are unable to demonstrate servicing for traditional banks.
Security on offer is four different properties in Springvale, a suburb of Melbourne: a residential property on 874msq with four bedrooms, a vacant block of land with area 809msq, an owner occupied commercial property on 778msq and a shop within a strata titled retail arcade.
The exit strategy is to sell down properties to clear all debt. The sponsors are currently in conversation with the real estate agents in preparation for sell down of assets.
- The loan will be secured by four First Mortgage
- Personal Guarantee from Individual Sponsors
- General Security Agreement over Corporate Sponsor + PPSR Charge
- Interlocking Corporate Cross Guarantee from Related Companies