Business Cashflow & Property Development- Kiama Downs, NSW
The Borrowers have backgrounds in property development and investment.
The purpose of this loan is to provide additional business cashflow and funds for property development projects.
The Borrowers can’t get bank finance as their financials do not support additional borrowing.
Security on offer is a waterfront residential property in Kiama Downs, a coastal town located south of Sydney. The unencumbered property is on 601msq land built in 1975 but has been fully renovated with an open layout and additional upper and lower decks. The lower deck has direct access to the beach.
The exit strategy is to refinance to a traditional lender once they have improved serviceability from the investment income.
This loan has a 12 month pre-paid loan term, with the option for 3 monthly extensions.
Details
Security Property Valuation: $4,500,000
Loan Amount: $2,700,000 (First Mortgage)
LVR: 60%
Term: 12 months plus 3 monthly extensions
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