The Sponsors have a background in managing a bakery and are now planning to open and operate a new bakery.
The purpose of this loan is to purchase an oven and other equipment for the new bakery and provide working capital.
The Sponsor can’t get bank finance as they don’t have financials to support the banks’ servicing requirements as this is a start up business.
Security on offer is the Sponsor’s principal place of residence in Trinity Beach, a coastal suburb of Cairns in Queensland. The property is an apartment with two bedrooms, one bathroom and one car space with a common swimming pool.
The exit strategy is to operate the bakery for two years, prepare financials and then refinance out to a
- The loan will be secured by a First Mortgage
- Personal Guarantee from Individual Sponsors
- General Security Agreement over Corporate Sponsor + PPSR Charge