The Sponsors have a background in operating a wholesale fruit and vegetable business.
The purpose of this loan is to provide business cash flow to pay wages and debts.
Bank finance is not available because their financials for year 2021 are not yet prepared.
Security on offer is a residential property in Thornbury, an inner suburb of Melbourne, Victoria with 2 bedrooms, 2 bathrooms, a study, lounge, dining area with kitchen and paved alfresco area in the backyard. The property is being offered as a Registered Second Mortgage.
The exit strategy is to refinance with a bank once financials are updated.
- The loan will be secured by a Second Mortgage/Caveat
- Personal Guarantees from two Individual Sponsors
- General Security Agreement over Corporate Sponsor + PPSR Charge