Business Cashflow- Metung, VIC
The Borrowers have backgrounds in operating a building design and construction company in Oakleigh, Melbourne. They build custom homes, commercial buildings, remediation work and or renovations.
The purpose of this loan is for additional business cashflow.
The Borrowers can’t get bank finance as their financials are not up to date.
Security on offer is a residential block of land in Metung, a town in East Gippsland region of Victoria. The unencumbered property sits on 1,146msq land and was purchased in Dec 2020.
The exit strategy is to sell their current PPoR at Frankston South to downsize. The property is on 464msq land which features three bedrooms, two bathrooms, and two parking spaces and will be put on the market.
This loan has a 6 month pre-paid loan term, with the option for 3 monthly extensions.
Details
Security Property Valuation: $190,000
Loan Amount: $100,000 (First Mortgage)
LVR: 52.63%
Term: 6 months prepaid plus 3 monthly extensions
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