The Sponsors have a background in property development and have previously completed residential constructions in South Australia.
The purpose of this loan is to purchase land with a DA and fund civil works for an 11 lot subdivision. The property is located in Willaston, a northern suburb of Adelaide in South Australia.
The Sponsor can’t get bank finance as their financials are not up to date and therefore they do not satisfy the bank’s servicing requirements.
Security on offer is the 5,669msq block of land with DA for an 11 lot subdivision.
The exit strategy is to sell sufficient blocks to extinguish this debt.
- The loan will be secured by a First Mortgage
- Four Personal Guarantees from Individual Sponsors
- General Security Agreement over Corporate Sponsor + PPSR Charge