INVESTMENT OVERVIEW
The Borrowers have backgrounds in operating cafés and restaurants, as well as property development.
The purpose of this loan is to fund the payout of the current tenant to break the lease and vacate the premises, as well as to cover the costs of the new fit-out.
The Borrowers can’t get bank financing as the project is classified as a start-up and the bank’s policy limits lending to start-up businesses.
Security on offer is a commercial property located in Truganina, west of Melbourne’s Central Business District, Victoria. The property is on 4,700sqm lot situated within a business park. A sworn valuation and drive-by appraisal will be conducted.
The exit strategy involves using proceeds from the sale of three houses, which are under construction and nearing completion.
This loan has a twelve month pre-paid loan term, with the option for three monthly extensions.
SECURITY DETAILS
- The loan will be secured by a Second Mortgage
- Two Personal Guarantees from Individual Sponsors
- One General Security Agreement over Corporate Sponsor + PPSR Charge
- Two General Security Agreement over Individual Sponsor + PPSR Charge
