Background

Loan Purpose:

• To purchase and settle a property in Cromwell town and facilitate completion of a 42-lot industrial subdivision
• Development loan with an appointed Quantity Survey to certify monthly drawdowns from the development fund
• Resource Consent obtained
• Pre-sales achieved for 100% debt cover
• Interest is 100% capitalised and paid monthly from the interest provision retained in the Trust Account
• LVR at any time throughout the development = not higher than 40%
• Repayment made by the sale of the industrial lots prior to loan maturity