The purpose of this loan was to provide land subdivision finance. The borrower wanted to purchase a property at Trinity Beach, a coastal suburb of Cairns in Queensland, that they plan to subdivide into three lots.
The borrower has a background in property development and has completed a 15 lot subdivision in Brinsmead, Queensland. The borrower has previously taken out another loan with Private Mortgages Australia.
The borrower couldn’t get bank finance as they had another development project progressing with the bank and financials would not support additional lending.
The security on offer was the 1.08ha property in Trinity Beach which has a house with six bedrooms, three bathrooms and a swimming pool. The borrower also offered their principle place of residence at Redlynch, Queensland as secondary security. This property is on 2,016msq land with single level house comprising of five bedrooms, two bath, a double lock-up garage and an inground swimming pool.
The exit strategy was to complete the subdivision then sell all three lots at Trinity Beach to extinguish the debt.
Security Property Valuation: $1,150,000
Loan Amount: $805,000 (First Mortgage)
Term: 3 months prepaid plus 3 monthly extensions[/vc_column_text][/vc_column][/vc_row]
“I have just used PMA for a second time now after an initial positive experience. Like last time, I found the team to be friendly and helpful and believe that they offer a reasonable product which has allowed me to get on with the job of delivering more projects.”
Evan Yelavich – Director/Planner, Planning Plus