Working Capital for Construction Projects- Jamieson, VIC
The Borrowers have backgrounds in property development and are registered builders. They build residential properties and their company has been in operation since 2006.
The purpose of this loan is to provide business cashflow and additional working capital for other construction projects.
The Borrowers can’t get bank finance as their latest financials are not up to date.
Security on offer is a vacant residential development site on 62.58 hectares of land in Jamieson, a small town in Victoria. The Borrowers have also offered a residential double storey building in Mooroolbark, a suburb of Melbourne, Victoria as an additional security. The property is on 2,615msq land which comes with four bedrooms, two bathrooms, and a spacious lockup garage.
The exit strategy is to sell the property in Jamieson, which is already on the market, to repay the debt.
Details
Security Property Valuation: $5,770,000
Loan Amount: $490,180
(Second Mortgage)
LVR: 59.95%
Term: 6 months prepaid plus 6 monthly extensions
