Background

Loan Purpose:

• To refinance existing loan and provision of funds to obtain Resource and Building Consent for the 3 security properties
• The properties had been acquired to gain consent to subdivide and construct at least 19 townhouses on the land
• LVR = 62%
• Interest is serviced 100% by the client monthly
• Repayment will be made by rolling into a development loan facility once Resource Consent is obtained prior to maturity of this loan