Financing Property Acquisition- Richmond, SA
The Borrowers have backgrounds in project management and architecture.
The purpose of this loan is to complete the purchase of a residential development property in Richmond, a suburb of Adelaide, South Australia.
The Borrowers can’t get bank finance as their financials are not up to date.
Security on offer is the residential property in Richmond, South Australia. The property is on 710msq land which comes with three bedrooms, one bathroom, a spacious living area and a carport.
The exit strategy is to sell the property with a DA for two lots.
This loan has a 3 month pre-paid loan term, with the option for 3 monthly extensions.
Details
Security Property Valuation: $620,000
Loan Amount: $430,000 (First Mortgage)
LVR: 69.35%
Term: 3 months prepaid plus 3 monthly extensions
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