New loans are coming

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GPS continues to regain traction in our loan pipeline, but it is a frustratingly slow process. We have about $35 million of accepted loan offers which are going through the due diligence process.

Settlements of new loans are scheduled to take place in October and November 2019. They are more of the same. Townhouses at Bracken Ridge and Kedron (both repeat borrowers). Units at Wynnum (repeat borrower), Greenslopes and Sunshine Coast (repeat borrower).

In addition to these, there are circa $45 million of loans we are working on. These include further stages of current projects and the usual mix of townhouses and unit developments in good areas.

I am also now starting to work up projects for 2020. They are mostly the next projects for current borrowers.

It is always pleasing to see such loyalty from both the GPS investor and borrower base.

Richard Woodhead – Managing Director

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