Business Expansion- Loganholme, QLD
The Borrowers have backgrounds in operating a commercial cleaning company.
The purpose of this loan is to provide additional business cashflow and working capital for development projects with other external parties.
The Borrowers can’t get bank finance as their financials do not support further lending.
Security on offer is a residential property in Loganholme, a suburb of Logan, Queensland. The property is on 598msq land which comes with four bedrooms, one bathroom, and a spacious garage.
The exit strategy is to reduce the loan with business earnings and refinance out to their current bank.
This loan has a 12 month pre-paid loan term, with the option for 3 monthly extensions.
Details
Security Property Valuation: $555,000
Loan Amount: $256,000 (Second Mortgage)
LVR: 74.95%
Term: 12 months prepaid plus 3 monthly extensions
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