How PMA Assisted Borrowers to Pay-off ATO Debt
Scenario
The borrowers, civil contractors who transitioned to commercial property development and had recently completed three unencumbered factories in Queensland, sought a loan to repay an ATO debt. As security, they offered an industrial property comprising a multi-warehouse facility on 214 sqm of land, with kitchenettes and bathrooms in each unit.
Why PMA?
The Borrowers could not get bank finance due to the ATO debt.
PMA Solution
PMA were able to quickly approve a 12 month First Mortgage loan to completely extinguish the tax debt. Client will look to refinance with a major bank in 12 months time.
Details
Loan Amount: $590,000 (First Mortgage)
Property Value: $2,035,000
LVR: 28.99%
Term:12 months prepaid plus 3 monthly extensions
Exit
The exit strategy was to sell two of the warehouse units to pay off debt.
Ready to discover how PMA can help provide finance solutions for your business (or your client's business)? Submit a scenario now and we'll get in touch (4-business hours response time guaranteed!)
