Land Loan Refinancing- Goonellabah, NSW
The Borrowers have backgrounds in property investment and development. They own other investment properties in Cumbalum, NSW and in Wollongbar, NSW.
The purpose of this loan is to refinance an existing loan for a development property in Goonellabah, NSW.
The Borrowers can’t get bank finance as their financials lack serviceability.
Security on offer is the vacant block of land for future development in Goonellabah, eastern suburb of Lismore, New South Wales.
The exit strategy is to refinance out to construction loan.
This loan has a 3 month pre-paid loan term, with the option for 9 monthly extensions.
Details
Security Property Valuation: $410,000
Loan Amount: $266,500 (First Mortgage)
LVR: 65.00%
Term: 3 months prepaid plus 9 monthly extensions
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