LOAN UPDATE: Kick-starting a Reno Project after the bank said ‘No’!
Scenario:
The Borrowers had backgrounds in property renovations.
Security on offer was a first mortgage on a residential property that was being purchased in Hahndorf,SA and a second mortgage behind ANZ over the Borrowers’ principal place of residence in Adelaide Hills, SA.
The existing property has three bedrooms, two living rooms, a bathroom, and a garage.
The property they purchased in Hahndorf, SA, was on
400 m2 land, with four bedrooms, two bathrooms, and a carport.
PMA Solution:
The bank had declined to provide a loan as the client’s financials were not up-to-date. PMA obtained consent for second mortgage from ANZ, completed valuation of both properties and assisted client to settle the property purchase.
Details:
Amount: $975,000 (First Mortgage) and $455,834 (Second Mortgage behind ANZ)
Property Value: $2,950,000
LVR: 75.00%
Term: 6 months prepaid plus 6 monthly extensions
Broker Commission*: Referrer Fee 0.75% + GST = $10,725 + GST + Service Fee 1% + GST = $14,308 + GST [For brokers only]
*with no clawback
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!)
