Commercial Building – Build & Hold

Purpose of Loan: To provide construction facility and subsequent term loan for a 3 storey commercial building in Newstead

Loan Limit: 1st Mortgage – $6,212,000

LVR: 1st Mortgage – 75% of Total Development Costs ex GST

Loan Term: 1 years + 3 years

Facility Type: Construction Loan converting to Term Loan on completion

Interest Rate: 4.28% per annum + 1.50% line fee

Pre-Commitments: Leases in place to cover 1.50 times interest cover