The Sponsor has a background working in hospitality and has now decided to open their own takeaway restaurant.
The purpose of this loan is to provide finance for the Sponsor to open a takeaway restaurant.
The Sponsor can’t get bank finance as it is a start-up business.
Security on offer is the Sponsor’s principle place of residence, a property in The Gap, a north-western suburb in the City of Brisbane. The property is on a 582sqm block with five bedrooms, two bathrooms and a double lock-up garage.
The exit strategy is to refinance to a traditional bank once they have trading figures to demonstrate servicing.
- The loan will be secured by a Second Mortgage/Caveat
- Personal Guarantee from two Individual Sponsors
- General Security Agreement over Corporate Sponsor + PPSR Charge