Loan Refinance and Equity Release- Airlie Beach, QLD
The Borrowers have backgrounds in property development and operate a company that looks after feasibility studies, design, architectural documentation, Council approvals, construction and property sales.
The purpose of this loan is to refinance an existing loan and to release equity.
The Borrowers can’t get bank finance due to time restraints and their financials are not yet prepared.
Security on offer is the vacant block of land in Airlie Beach, QLD. The residential property is on 1,271msq land with a DA to develop and subdivide into a 5 Unit Complex.
The exit strategy is to subdivide the property and sell the units individually.
This loan has a 6 month pre-paid loan term, with the option for 3 monthly extensions.
Details
Security Property Valuation: $2,360,000
Loan Amount: $1,321,000 (First Mortgage)
LVR: 55.97%
Interest Rate: 9.00%
Term: 6 months prepaid plus 6 monthly extensions
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