Business Cashflow- Warragul, VIC
The Borrowers are lawyers and have been operating their own law firm for the last five years.
The purpose of this loan is for additional business cashflow. Their company is currently leading several class action lawsuits alongside ongoing smaller cases. Recognizing the extensive time and resources necessary for these class actions, the Borrowers have decided to secure additional working capital.
The Borrowers can’t get bank finance as their financials do not support further borrowing.
Security on offer is a residential investment property in Warragul, a town southeast of Melbourne, Victoria. The property sits on 790msq land and features three bedrooms, an ensuite bathroom, and a double garage. This property was acquired in 2016 and is presently rented out.
The exit strategy is to repay debt from business profits or sell the property.
This loan has a 6 month pre-paid loan term, with the option for 6 monthly extensions.
Details
Security Property Valuation: $560,000
Loan Amount: $342,000 (First Mortgage)
LVR: 61.07%
Term: 6 months prepaid plus 6 monthly extensions
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