1st & 2nd Mortgage on Mackay Unit Development

Purpose of Loan: To fund the development of 56 x residential units in Mackay

Loan Limit 1st Mortgage: $12,150,000

Loan Limit 2nd Mortgage: $2,500,000

LVR: 97% of total development costs

Loan Term: 12 months

Facility Type: Construction facility

Presales: 120% of debt cover