The Sponsors have a background in property development and own two other investment properties in Templestowe, Victoria.
The purpose of this loan is to refinance an existing loan and complete a six townhouse development.
The Sponsors can’t get bank finance as their latest financials are not up to date.
Security on offer is the development site in Templestowe, a vibrant village situated northeast of Melbourne’s CBD. The property is on 835msq land and has an existing property with five bedrooms, 2 bathrooms and a garage. The property has a DA, BA and Fixed Price Building Contract in place and is ready for construction to commence.
The exit strategy is to sell the townhouses and repay debt.
- The loan will be secured by one First Mortgage and two Second Mortgages
- Personal Guarantees from two Individual Sponsors
- General Security Agreement over Corporate Sponsor + PPSR Charge