Commercial Purchase – Brooklyn, VIC
The Borrowers have backgrounds in operating an auto body repair workshop.
The purpose of this loan is to complete the purchase of the commercial property in which they operate their business out of in Brooklyn, a suburb in Melbourne, Victoria.
The Borrowers can’t get bank finance as their current financials are not yet prepared.
Security on offer is the commercial property in Brooklyn, Victoria. The property is on 2,040msq land with a commercial building currently being used as an auto mechanic shop.
The Borrowers have offered a residential property in Craigieburn, Victoria as additional security. This property is on 927msq land with a double storey building which comprises of four bedrooms, three bathrooms and a double garage.
The exit strategy is to refinance out once financials are ready.
This loan has a three month pre-paid loan term, with the option for one month extension.
Details
Security Property Valuation: $4,510,000
Loan Amount: $2,562,000 (First Mortgage)
LVR: 56.81%
Term: 3 months prepaid plus 1 monthly extensions
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