Purpose: For acquisition of or improvements to drinking hotels.
Maximum Loan Amount:
Freehold (with gaming): up to 65%Freehold (without gaming): up to 50%
Leasehold (with gaming): up to 50% of going concern valuation by a bank instructed Valuer.
Max. Loan Tern:
Freehold: 5 years
Leasehold: 5 years
Registered mortgage over hotel property (or lease, if leasehold).
Registered Fixed and Floating Charge or Bili of Sal e over the business assets of the hotel. Directors’ guarantees.
A specific charge/security over the hotels’ liquor licence and, where appropriate for state legislation, related licences for gaming or off-licence packaged liquor operations (not applicable in WA and SA).
A Deed of consent between lessor/ lessee and Westpac if the hotels operating under the leasehold arrangement.