Loan Update: Fast-Tracked Funding
Scenario
The Borrowers have backgrounds in property development and have completed development of over 140 townhouses in the Gold Coast area.
The purpose of this loan is to refinance an existing loan for a commercial property in QLD.
Security on offer is the commercial property in Gold Coast, Queensland. The property is comprised of six units which are all tenanted.
Why PMA?
The Borrowers can’t get bank finance as their financials do not support further lending.
PMA Solution
The client required funding within a month for their next investment. The property had sufficient equity to lend further behind a major bank. Whilst the bank looked for updated financials which were not yet ready, PMA completed due diligence and obtained Consent for a Second Mortgage and funding was completed.
Details
Amount: $443,907 (Second Mortgage)
Property Value: $1,660,000
LVR: 65.00%
Term: 6 months prepaid plus 6 monthly extensions
Broker Commission: Direct Loan from Client
Ready to discover how PMA can help provide finance solutions for your business (or your client's business)? Submit a scenario now and we'll get in touch (4-business hours response time guaranteed!)
