The Sponsors have a background in property development and have completed several projects in NSW.
This is a refinance and debt consolidation of loans with other private lenders.
The Sponsor is unable to obtain bank finance due to past default judgement against the director. He was declared bankrupt due to a business venture he had at the time of global financial crisis, however he was discharged shortly after and satisfied all creditors in full. The borrowing company has a clear CRA record.
The security property on offer is 22.08 hectares of land for residential subdivision in Tweed Heads South, NSW. The current approval is to subdivide the existing parcel of land in 73 residential lots, three open spaces and a wetland conservation area.
The Sponsor's exit strategy is to sell sufficient lots to extinguish the debt.
The loan will be secured by a First Mortgage
General Security Agreement over Corporate Sponsor + PPSR Charge
One Personal Guarantee from Individual Sponsor
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