The Sponsors have a background in property development. The sponsor purchases residential property at a discount price, completes extensive renovation and on sells them. Recently two such projects have been completed and sold in Metford, NSW, one funded by Active Property Group's Mortgage Manager, Private Mortgages Australia.
This loan is for the purchase of a residential property at Wahroonga for $1.97M. The Sponsor has had drawings and cost estimates done to complete an extensive renovation and put it back on the market for a minimum of $3M.
They aren't able to obtain bank finance due to issue with serviceability and are unable to meet traditional bank servicing requirements.
The security property on offer is the $1.9M home at Wahroonga, an affluent suburb in the Upper North Shore of Sydney. The property has land area of 929.5sqm, three bedrooms, five bathrooms, a lower ground rumpus and storage, swimming pool and single garage. No building permit will be required as no external building works are being undertaken.
The Sponsor's exit strategy is to extinguish the loan from sale of the property.
The loan will be secured by a First Mortgage
General Security Agreement over Corporate Sponsor + PPSR Charge
Personal Guarantee from Individual Sponsor
INTERESTED IN INVESTING?
This opportunity is now open. For more information on current investment opportunities, please contact: