Background

Loan Purpose:

• Construction of a new commercial property in Ruakaka
• The proposed development included a large modern industrial complex with an open plan rectangle floor format providing spaces for retail, café, bakery, produce storage, office space as well as a toilet block and mezzanine
• A large portion of the earth and civil works had already been funded by the borrower
• Interest is paid 100% by the borrower monthly
• On-completion LVR = 58%
• Additional property security