Equity Release- Tennyson Point, NSW

The Borrowers have over 25 years of experience in construction and property development and have completed around $20 Million in works over the past few years.

The purpose of this loan is to release equity from the Borrower’s Principal Place of Residence in order to reimburse a director’s loan that was used towards the purchase and construction of development projects in Sydney.

The Borrowers can’t get bank finance as they can’t demonstrate servicing to bank requirements.

Security on offer is a waterfront residential property in Tennyson Point, a suburb of Sydney, New South Wales. The unencumbered property is on 1,617msq land which comes with five bedrooms, three bathrooms, and 4-vehicle carport.

The exit strategy is to either sell a townhouse development in Blackburn due for completion later this year, or sell an apartment project in Auburn due for completion early next year to repay the debt.

This loan has a 6 month pre-paid loan term, with the option for 9 monthly extensions.

Details

Security Property Valuation: $10,000,000

Loan Amount: $2,925,000 (First Mortgage)

LVR: 29.25%

Term: 6 months prepaid plus 9 monthly extensions