7. Rural Business Recapitalisation

A young couple in rural Australia commenced business as Carriers with capital raised from a Bank on the security of their home to purchase vehicles and equipment.

They had secured a nationwide subcontract delivering specific goods throughout Victoria. The Principal failed and they were not paid for work completed. The loan got 3 months in arrears and their Bank appointed a Liquidator to their Company who in turn seized the Business assets whilst the Bank sought to take possession of their home. Notwithstanding that they had secured a new profitable Contract, they were unable to obtain a release of their securities.

Eastwood Securities provided the required refinance on a 60% lend against their rural home together with a small loan on their parents’ property.

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