Private Mortgages Australia is able to assist with asset lending. In this case the Borrower operated a garage door manufacturing business in Malaga, Western Australia. The slowdown in the WA market gave them good reason to move their base of operations to Melbourne. The Borrower needed $100,000 to assist with the expenses to move the business to Melbourne with additional funds to consolidate debts to local council and land tax which have been noted on title with numerous caveats.
Due to the slowing of their business revenue, the Borrower was unable to obtain traditional bank finance because they lacked adequate serviceability to refinance their owner-occupied industrial property. They required a short-term loan with capitalised interest instead of a traditional long term bank loan requiring the interest to be serviced. The flexibility
of this type of loan gave them the ability to reinvest their cash-flow back into their business instead of paying interest to a financier.
The Borrower repaid the loan a few months later upon the settlement of the property.
The Borrower was very happy with the result and have a flourishing business in Melbourne VIC.
As a result of the experience with Private Mortgages Australia the Borrower have said that they want to invest in PMA’s fund “PMAC Trust”.