17. Specialist Commercial Borrowings

Eastwood Securities Mortgage Fund received an application for finance from a regional landholder who was seeking funding to develop the infrastructure of a Solar Farm on his property.

The Borrower was unable to secure funding from conventional lenders due to Regional Security Holdings for a specialised project.

Eastwood Securities assessed the loan purpose to be worthwhile and well secured by the value of the land and provided the funding to the Borrower to subdivide part of his rural holdings specifically to develop the infrastructure of the Solar Farm.

The $516,000 funding was secured by a First Mortgage over the Solar Farm site and interest was capitalised to assist cashflow during the period of site development.

The Borrower completed the project over a 2-year period and has now sold the Solar Farm and site to a National Energy Provider, fully discharging the Loan.

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