Private Mortgages Australia is able to assist with construction support finance. In this case the Borrower has a background in property development and has completed five development projects in nearby locations, including one that is still pending settlement.
Purpose of this loan is to construct three townhouses in Glen Waverley, Victoria.
Bank finance is not available as directors have chosen not to obtain pre-sales, preferring to sell once project has commenced.
Security is the the three-townhouse development site in Glen Waverley.
Exit strategy is sale of the individual town houses, which are currently listed with a real estate agency.
Security Property Valuation: $4,580,000
Loan Amount: $1,358,629 (Second Mortgage)
Term: 12 months plus 3 monthly extensions