Gowing Bros (ASX:GOW) has secured a binding and unconditional AU$10.4 million financing agreement with the Commonwealth Bank of Australia (ASX:CBA), according to a Friday Australian bourse filing.
The facility carries an 18-month term and is secured exclusively by the Sawtell Commons land subdivision, the filing said.
The funds will be allocated to civil works and council contributions to ready the lots at Sawtell for upcoming sales, the filing added.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.