Acceptable Loan Purposes:
- Development finance for commercial property.
- Investment finance for commercial property.
- Registered first mortgage/s over property being developed.
- General Security Agreement (GSA) over all of the developer’s / owner’s rights and undertakings in respect of all security property, including pre-sale deposits where appropriate as well as project documentation.
- Directors’/ shareholders’ guarantees.
- Other documentation necessary to achieve appropriate control and permit completion of the development in event of customer default (e.g. builder’s side-deed (if construction budget is greater than $5m net of GST).
- Rights to designs, intellectual property, etc. relevant to the development) – it can be necessary to join other parties (e.g. external architects) into documentation to achieve this.
- Registered first mortgage/s over security property.
- General Security Agreement (GSA) over all of the investor’s/ owner’s rights and undertakings in respect of all security property.
- Directors’/ shareholders’ guarantee.