Loan Spotlight: Croydon, Victoria
The loan purpose was to assist with the refinance of the project from a major bank and then to advance additional funds to complete construction of three (3) townhouses already at lock up stage. Approval was granted following an on-site inspection by the Head of Credit, Stephen Harvey. Croydon is an established metropolitan suburb located 29 kilometres from the Melbourne CBD. The area is in transition from established homes on large blocks to medium density townhouse developments such as this one.
The corporate borrower was run by an experienced operator who held a Bachelor of Civil Engineering and Business. He ran a family plumbing firm. A builder was engaged at arm’s length to finalise construction of the townhouse project. All progressive loan drawdowns were approved by Angas Prime’s Quantity Surveyor before funds were advanced.
Upon completion, the project comprised three double storey dwellings with double garages. The borrower discharged the loan in full and on time. Angas Prime subsequently funded two similar projects for the same borrower. Both were executed in accordance with loan terms and fully repaid.
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