3.5M Property Refinance Settled Fast to Fund Urgent Development Needs
Scenario
With a proven track record in property development, the borrowers had recently completed a similar project successfully and were seeking to move forward with their next opportunity.
They required funding to refinance existing debt and unlock equity to complete earthworks for a subdivision. However, timing was critical.
To secure the loan, two properties were offered as security: a vacant 18-hectare landholding and a substantial 339-hectare parcel of bushland.
Why PMA?
After approaching traditional lenders, the borrowers found the process too slow to meet their time-sensitive requirements.
PMA Solution
PMA was able to refinance the current debt and release equity for the earthworks.
Details
Loan Amount: $3,500,000 (First Mortgage)
Property Value: $6,750,000
LVR: 51.85%
Term: 12 months prepaid plus 3 monthly extensions
Exit
The agreed exit strategy was to refinance or sell one or both properties to repay the debt.
Ready to discover how PMA can help provide finance solutions for your business (or your client's business)? Submit a scenario now and we'll get in touch (4-business hours response time guaranteed!)
