The Sponsor has a background in property development and has completed a 15 lot subdivision in Brinsmead, Queensland. The Sponsor has previously taken out another loan with our Mortgage Manager, Private Mortgages Australia.
The purpose of this loan is to provide finance for the purchase of a property at Trinity Beach, a coastal suburb of Cairns in Queensland, that will be subdivided into three lots.
The Sponsor can’t get bank finance as they have another development project progressing with the bank and financials will not support additional lending.
Security on offer is the on 1.08ha property in Trinity Beach which has a house with six bedrooms, three bathrooms and a swimming pool. The Sponsor is also offering their principle place of residence at Redlynch, Queensland as secondary security. This property is on 2,016msq land with single level house comprising of five bedrooms, two bath, a double lock-up garage and an inground swimming pool.
The exit strategy is to complete the subdivision then sell all three lots at Trinity Beach to extinguish the debt.
- The loan will be secured by a First Mortgage and a Second Mortgage/Caveat
- Personal Guarantee from two Individual Sponsors
- General Security Agreement over Corporate Sponsor + PPSR Charge