$7.150m Short Term Loan - 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.
Previously 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 loose their prime development site and circa $1.2m cash invested.
After the borrower approached ACMF, the required funds was allocated and ready for the transaction within 1 business day ($7.150m) to settle the land and met the deadline imposed of 4 business day settlement (settled November 2018).
Importantly ACMF lawyers advised the Vendors Lawyers the same day that funds are available and 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 (Reference - Normans Lawyers Adelaide).
Saved the project and developers investment.