Legend Upstar (HKG:0459) unit Legend Credit and the co-lender Oi Wah Credit agreed to grant a HK$53 million loan to an independent third-party borrower, a Wednesday bourse filing said.
Of this, Legend Credit and Oi Wah Credit contributed HK$32 million and HK$21 million, respectively.
The 12-month loan carries an interest rate of 25% per annum for the first month from the drawdown date, and 13% per annum for the subsequent months.
A first legal charge/mortgage and rental assignment over a commercial and residential building, a commercial property, and a residential property in Hong Kong worth a total of HK$92 million was pledged as collateral for the loan.
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