The Sponsor has a background in property investment and operates a soil quarry.
The purpose of this loan is to assist with the restarting and operating costs of the soil quarry, obtaining a new operating license from the EPA and completion of building works.
The Sponsor can’t get bank finance as their financials do not satisfy traditional banks’ servicing requirements.
There are three security properties on offer including a 14ha vacant parcel of land with permits to operate as a sand quarry in Wallacia, a western suburb of Sydney. The other security properties are a serviced apartment complex comprising thirteen one bedroom apartments in Boggabri, a town in north-western New South Wales and a Commercial Office in Boggabri, one with three adjoining vacant lots.
The exit strategy is to refinance to the bank.
- The loan will be secured by three First Mortgage
- Four Personal Guarantee from Individual Sponsors
- Corporate Guarantee
- Two General Security Agreements over Corporate Sponsor + PPSR Charge