How PMA Helped Fund a Restaurant Upgrade
Scenario
The Borrowers have backgrounds in operating restaurants and currently run a restaurant in an inner city of Brisbane, Queensland.
The purpose of this loan is to provide additional funds to complete the restaurant kitchen upgrade and purchase additional tables and chairs for one of their restaurants in Queensland.
Security on offer is a residential property in an outer south-western suburb of Brisbane, Queensland. The property is on 600sqm land comprising of four bedrooms, two bathrooms and a garage.
Why PMA?
The borrower did not have updated financials to avail a bank loan.
The Borrowers also wished to capitalise the interest which is not offered by the banks.
PMA Solution
Restaurant required updating, banks were unable to assist without satisfying their servicing exercise. As a pure asset lender PMA offeres No Doc loan, no financials are required. The interest is prepaid and capitalized which assisted the client with their ongoing cashflow.
Details
Loan Amount: $115,000 (Second Mortgage)
Property Value: $845,000
LVR: 57.91%
Term: 3 months prepaid plus 1 monthly extension
Broker Commission*: Referrer Fee 1% + GST = $1,265 Service Fee 1% + GST = $1,265
Total = $2,530
*with no clawback
Exit
The exit strategy is to repay the loan using business income.
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!)
