Faster Enterprises Ltd (ASX:FE8) entered into an unconditional contract of sale to acquire a property at 7 Ellingworth Parade, Box Hill Victoria from Simcar Property Pty Ltd for AUD 3.2 million on November 29, 2016. Under the terms, a deposit of AUD 0.32 million was paid upon signing of the contract with the balance payable on settlement. Faster Enterprises Ltd paid the deposit from existing cash reserves and the balance is to be funded by way of bank finance. The settlement is expected to occur on February 20, 2017. The transaction was scheduled for February 24, 2017 but unforeseen delays have required the settlement to be extended to March 24, 2017. As on March 24, 2017 remaining consideration Funded by way of hybrid bank and external finance whereby security was provided by the way of the property purchased and other existing unencumbered portfolio properties.