15. Perth Wrecking Yard

Borrowers, for many years operated a motor vehicle wrecking yard from leased premises in an industrial area in suburban Perth. Their landlord advised them their lease would not be renewed as the premises would be sold as a vacant possession. Borrowers found themselves unable to secure alternate premises in the locality in which they had become established for many years and moving would have a substantial detrimental effect on their business.

They decided that their best option was to purchase the site they had been leasing for many years. After many months of unsuccessfully trying to raise finance, they approached Eastwood Securities Mortgage Fund. Eastwood Securities was able to assist with a first mortgage loan of $1.5m at a 65% LVR, and Borrowers have been able to continue their operation successfully, with the loan interest payments being less than the rent they were previously paying.

This is a typical Commercial Loan from Eastwood Securities Mortgage Fund.

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