The Borrowers operate a start-up concrete business, manufacturing precast concrete slabs using a unique patented formula.
The purpose of this loan is to refinance a current loan with Private Mortgages Australia for an additional six month term and provide working capital for the commercialisation of the concrete product and begin sales.
The Borrower can’t get bank finance as they are unable to satisfy traditional banks’ servicing requirements.
Security on offer is two residential properties in Moss Vale, a town in the Southern Highlands of New South Wales. One of the properties has a DA for the subdivision of six lots (five on 700sqm block and one with the house and 5000sqm).
The exit strategy is to refinance once sales have commenced and income can be demonstrated and/or separate the house and sell the proposed 6-lot site to a developer.
Security Property Valuation: $3,070,000
Loan Amount: $2,149,000 (First Mortgage)
Term: 6 months prepaid plus 3 monthly extensions
“Our sincerest gratitude to Peter, Shanta, Gerry and the team at Private Mortgages Australia. Their financing solutions have enabled us and our business Kullcorp Precast to continue development of our world first Low Carbon Concrete (LCC) precast concrete panel business here in Moss Vale, NSW.”
Geoff Kull, Kullcorp Precast