The borrower assumed their bank would fund their prime development DA approved Hotel and Apartment development site however with less than a week to go and a rescission notice issued, the borrower’s bank was unable to assist in meeting the settlement date.
A Sydney-based Mortgage fund issued loan terms and mortgage documents only to advise the borrower that they required 3 to 4 weeks to gather their funds from their investor pool. The borrower stood to lose their prime development site and around $1.2m cash invested and future $15m profit.
After the borrower approached ACMF, the required funds were allocated and ready for the transaction within 2 business days to settle the land and met the deadline imposed of a 4 business day settlement.
Importantly, ACMF lawyers advised the Vendor’s Lawyers the same day that funds are available, have been set aside and provided this in writing to the Vendor Lawyers to ensure the rescission notice was not acted upon and placed those funds into the Vendors Lawyers account as evidence.
Saved the project and developers’ investment.
Glenelg SA
2018
Urgent Bridging Loan
$7,150,000
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