The Sponsors have a background in property development and building. The Sponsor is an active developer and builder and has completed similar small developments in suburbs of Franklin and Gungahlin.
This loan was to fund the completion of a double storey single dwelling at lock up stage with a kitchen, bathrooms, flooring, electrical works, white goods installation and window dressings.
They weren't able to obtain bank finance as they are unable to satisfy traditional banks' servicing requirements.
The security property on offer is the nearly completed residential property in Throsby, ACT, consisting of four bedrooms, three bathrooms, double garage, outdoor entertainment area and landscaped gardens.
The Sponsor's exit strategy was to sell the property which is already on the market.
The loan was repaid within 8.2 month, more than 3 months early, which resulted in an increased rate of return of 15% p.a.