Construction Completion – Dandenong, VIC

The Borrowers have backgrounds in property development and architecture related to a broad range of commercial and residential investment properties. They have been involved in completed projects around Victoria such as in Caroline Springs, Burwood Highway, Hawthorn, Kew, and in Bonbeach.

The purpose of this loan is to complete the construction of a Childcare Centre with a capacity for forty-five children in Dandenong, Victoria.

The construction was initially funded by a major bank, but the builder was delaying the project and was dismissed by the developer who wanted to continue as owner builder. The bank cancelled the facility leaving the project without funding approximately 60% complete. Given the developer's experience and satisfactory work completed to date, PMA was able to provide the finance needed when the banks wouldn't help.

Security on offer is a residential property in Dandenong, a southeastern suburb of Melbourne, Victoria. The property is on 952msq land which comes with three bedrooms, a bathroom and a garage.

The exit strategy is to refinance out once the renovation has been completed.

This loan has a 6 month pre-paid loan term, with the option for 3 monthly extensions.

Details

Security Property Valuation: $2,400,000

Loan Amount: $1,560,000 (First Mortgage)

LVR: 65.00%

Term: 6 months prepaid plus 3 monthly extensions