How PMA Helped A Property Developer With Funds for DA Costs & Project Marketing
Scenario
The Borrowers have backgrounds in property development and management. They source commercial and industrial properties for large investors, assisting with strategy development, tenant acquisition, and lease negotiations.
The purpose of this loan was to provide additional working capital and funds to complete the DA, obtain the building license and market a project in Western Australia.
The security offered was a vacant block of land located in Perth, Western Australia. This commercially zoned property spans 2,375sqm and consists of four lots. The borrowers were in the process of subdividing it into eight lots.
Why PMA?
The Borrowers could not get bank finance as their latest financials were not up to date.
PMA Solution
PMA does No Doc loans, which means financials were not required. PMA obtained a sworn valuation and provided the client with approval.
Details
Loan Amount: $1,280,000 (First Mortgage)
Property Value: $1,775,000
LVR: 57.92%
Term: 10 months prepaid plus 3 monthly extensions
Exit
The exit strategy was to refinance out or sell the property.
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