This borrower required finance for equipment purchase for a new bakery and to provide working capital.
The Borrowers had a background in managing a bakery and were planning to open and operate a new bakery.
The purpose of this loan was to purchase an oven and other equipment for the new bakery as well as working capital to get the bakery up and running.
The Borrower couldn’t get bank finance as they don’t have financials to support the banks’ servicing requirements as this is a start up business.
Security on offer is the Borrower’s principal place of residence in Trinity Beach, a coastal suburb of Cairns in Queensland. The property is an apartment with two bedrooms, one bathroom and one car space with a common swimming pool.
The exit strategy was to operate the bakery for two years, prepare financials and then refinance out to a