02 9232 8888
OFFICES
Loan Purpose
Purchase land, civil works, subdivide & sell 14 lots
Facility Amount
$3.8MM
LVR
53%
Term
12 months
Security
Vacant land for subdivision
LTC
78%
Pre-sales
6
Exit Strategy
Sell
The Deal
Land was purchased under a put and call option with settlement not due for 12 months and subject to DA. 14 lot rural resi land subdivision. Land purchase price without a DA was $1.55m. By settlement we actually lent 1.5m against the land plus 100% of civils and earthworks, because the valuation with DA at settlement was $2.25m.
Phil Jenkins
Director
