Business Workflow – Northcote, VIC
The Borrowers have backgrounds in operating an architecture firm.
The purpose of this loan is to repay an outstanding ATO debt and for additional business workflow to assist during slow business periods.
The Borrowers can’t get bank finance because they have a current ATO debt.
Security on offer is an unencumbered residential property in Northcote, a suburb in Melbourne, Victoria. The townhouse was built in 2012 and it comprises two bedrooms, a bathroom, and a garage.
The exit strategy is to refinance out once debt has been cleared or sell the property.
This loan has a six month pre-paid loan term, with the option for three monthly extensions.
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Details
Security Property Valuation: $800,000
Loan Amount: $138,000 (First Mortgage)
LVR: 17.25%
Term: 6 months prepaid plus 3 monthly extensions
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