Completion of a property development
A consortium of borrowers had secured significant lines of bank funding for the construction of a block of apartments, secured by the development property itself.
One of the bank’s further security requirements was the provision of a $2 million cash deposit to cover the risks of cost overrun on the project.
The consortium was able to offer Platinum Mortgage Securities a combination of first and second mortgages over their various properties and the cash lodgment was made.
The project was completed on time and in budget and the Platinum Mortgage Securities loan settled out of the financing of the completed development by a bank.