The Borrowers have a background in property development.
The purpose of this loan is to provide finance for the completion of 12 apartments with basement car parks located on Burke Street in Kew East, an Eastern suburb of Melbourne. 90% of stock is pre-sold with net pre-sales of $6.55M (the final apartment for long term hold) and the project is 96% complete. They require the new funds to obtain the Occupation Certificate and complete the strata-subdivision.
Security on offer is the Borrower’s principal place of residence, a 6,216msq property with double-storey home in the Melbourne suburb of Montrose which includes five bedrooms and three bathrooms.
The exit strategy is to repay debt from settlement proceeds of the construction project in Kew East.
Security Property Valuation: $1,100,000
Loan Amount: $270,000 (Second Mortgage)
Term: 3 months prepaid plus 3 monthly extensions