Apartment Development- Kingsliff, NSW
Private Mortgages Australia is able to assist with development finance. In this case the Borrower had a background in property development and has completed the development of over 140 townhouses in Gold Coast area.
The purpose of this loan was to purchase a block of six residential apartments.
The Borrower couldn’t get bank finance as he was in the process of finalising his divorce settlement and the bank was concerned that his ex wife will lodge a caveat on the property being purchased.
Security on offer was a brick two-storey building in Kingsliff, NSW, comprising of six flats. Site area 742sqm. The Borrower had lodged an application to demolish this and build six new apartments.
The exit strategy was to obtain DA and refinance to construction finance.
Details
Security Property Valuation: $1,795,000
Loan Amount: $1,256,500 (First Mortgage)
LVR: 70%
Term: 3 months prepaid plus 3 monthly extensions
