Investment Capital Loan- Multiple Locations, QLD
The Borrowers have a background in property investment and have completed over 140 townhouse developments in the Gold Coast area.
The purpose of this loan is to complete the purchase of their next development site in Molendinar, a suburb on the Gold Coast, Queensland.
The Borrowers can’t get bank finance as their income is cyclical and they are unable to satisfy traditional lenders’ servicing requirements.
Security on offer is the Borrower's principal place of residence in one the most luxurious residential buildings in Southport, a coastal suburb on the Gold Coast, Queensland. The Borrowers have also offered the commercial property which is to be developed in Molendinar, Queensland as an additional security.
The exit strategy is to sell the commercial property being purchased with DA or refinance to construction finance.
Details
Security Property Valuation: $3,530,000
Loan Amount: $1,858,000 (Second Mortgage)
LVR: 72.46%
Term: 6 months prepaid plus 6 monthly extensions
