How PMA Settled a Loan in Just 5 Days to Meet an Urgent Deadline

Scenario

This purpose of this loan is to facilitate the acquisition of a 1,200 sqm lot within a new industrial estate in Melbourne. A warehouse will be constructed on the site at a future date to support the company’s business expansion and growth plans.

Why PMA?

The property was purchased off the plan, with settlement initially scheduled for a later date. However, early title issuance brought the settlement forward. Despite the bank’s application being under review, they confirmed they would not be able to meet the revised deadline.

PMA Solution 

The client approached PMA a week before Christmas break wishing to settle on the 20^th . December whilst one of the applicants was overseas. Clients were distressed as their bank was unable to settle at short notice, which they were counting on.  PMA pulled all their resources together, the client cooperated in providing all requested items promptly to complete due diligence and settlement occurred on the 20^th December as requested.  

Details

Loan Amount: $819,000 ( First Mortgage)

Property Value: $1,260,000

LVR: 65.00%

Term: 3 months prepaid plus 1 monthly extension

Broker Commission*:  Referrer Fee 1% + GST = $9,009 and Service Fee 1% + GST = $9,009

Total paid $18,018

Exit

The exit strategy is to refinance with a tier 1 lender.