Refinance and Subdivision Loan – Moss Vale, NSW
The Borrowers have backgrounds in property investment and also operates a concrete business, manufacturing precast concrete slabs using a unique patented formula.
The purpose of this loan is to refinance an existing loan for a block of land in Moss Vale, New South Wales. The additional funds will be used to complete an 8-lot subdivision for development.
The Borrowers can’t get bank finance as their financials do not support further lending.
Security on offer are two residential properties in Moss Vale, a town in the Southern Highlands of New South Wales:
- Land size of 5,274sqm with a residential property of 280sqm comprising of 4 bedrooms, 2 bathrooms, a large garage, and a deck.
- Land size of 9,166sqm investment property which has a residential building of 295sqm with 5 bedrooms, 2 bathrooms and a garage. This property is being developed.
The exit strategy is to sell the developed lots to reduce the loan and then refinance out.
This loan has a 3 month pre-paid loan term, with the option for 9 monthly extensions.
Details
Security Property Valuation: $6,650,000
Loan Amount: $4,669,000 (First Mortgage)
LVR: 70.21%
Term: 3 months prepaid plus 6 monthly extensions
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