Property Purchase Loan- Annerley, QLD
The Borrowers have backgrounds in property flipping and small subdivisions. They have worked in real estate, in the construction industry, and is a licensed builder.
The purpose of this direct mortgage opportunity is to purchase a detached residential dwelling on two lots, subdivide the property and sell the two separately.
The Borrowers can’t get bank finance as this is a short-term loan and does not fit the traditional banks’ lending policies.
Security on offer is the residential property in Annerley, a suburb in Brisbane, Queensland. The property is on 810msq land which comes with three bedrooms, two bathrooms, a 4-vehicle carport and a swimming pool.
The exit strategy is to refinance out to a renovation and land subdivision loan.
Details
Security Property Valuation: $1,450,000
Loan Amount: $1,087,500 (First Mortgage)
LVR: 75.00%
Term: 6 months prepaid plus 6 monthly extensions
