INVESTMENT OVERVIEW
The Borrowers are part of an ultra-high-net-worth, third-generation farming family who own estates valued at over $300 million, with only nominal debts.
The purpose of this loan is to settle outstanding ATO tax liabilities and provide funding for further development works for a large land development project in Weir Views, VIC. The Borrowers are taking out an $18M loan with a big four bank in order to relocate a gaspipe on one of the lots within the development, but needs to pay out the tax debt first in order to obtain the loan.
Security on offer is a 60-hectare block of land in the Exford Waters Estate in Weir Views, a suburb located in the City of Melton, 35km west of Melbourne’s CBD, Victoria. This property consists of two Super Lots, valued at $64M and is part of a larger development of multiple other Super Lots owned by the Borrowers. A Development Agreement for the project was executed in 2017 for the development of the first two lots, where the gas pipe is being moved.
The exit strategy is to settle our loan and the mainstream lender’s loan with the pre-sales from the first two lots, valued at $28 million.
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 First Mortgage
- Two Personal Guarantees from Individual Sponsors
- General Security Agreement over Corporate Sponsor + PPSR Charge
