You're looking at 8-11% for an unsecured business loan in...

You're looking at 8-11% for an unsecured business loan in general terms for around the $250k mark. For $4M, even secured, I'm not overly surprised considered we're in an extremely risky industry/sector. From the banks perspective MM is non-existent in Aus, so even with property security they'd feel they're basically giving their money away which is why no one can get traditional finance. Private financing increases the interest rate up to 20%pa so this isn't too bad all things considered.