The Sponsor operates a property development business where she purchases property at a discount price, completes extensive renovation and on sells them.
The purpose of this loan is to refinance a current loan used to purchase and renovate a property in Wahroonga, in the Upper North Shore area of Sydney.
The Sponsor can't get bank finance as current financials do not satisfy the bank’s servicing requirements.
Security on offer is the recently renovated and extended residential property in Wahroonga with land area of 929.5sqm, comprising a five-bedroom, five-bathroom residence refurbished to a high-level, modern finish with a “Hamptons” aesthetic, commensurate with market demand for executive residences in the Wahroonga and the broader upper-north shore locality.
The exit strategy is to refinance or sell the property.