Loan Update: From Refinancing to Acquisition – PMA Backs Restaurant Entrepreneur
Scenario
The borrower had a background in operating restaurants.
The purpose of the loan was to refinance an existing loan and complete the purchase of a restaurant business located a one-hour drive from Melbourne CBD, VIC.
The security for the loan is a residential property on a 1,273 sqm land area, with a living area of 98 sqm.
Why PMA?
The borrower could not secure bank finance because their latest financials were not up to date.
PMA Solution
Conducted a quick independent valuation of client’s unencumbered owner occupied property and funded the loan.
Exit
The exit strategy was to refinance out once financials were prepared.
Details
Amount: $250,000
Property Value: $650,000
LVR: 40.32%
Term: 6 months prepaid plus 3 monthly extensions
Broker Commission*: $2,500 + GST = $2,750
* with no clawback
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