Loan Update: PMA’s Expertise Secured Financing for Mixed-Use Property

Scenario

The borrowers had a background in property investment. 

The purpose of the loan had been to complete the purchase of a mixed-use property in Smiths Gully, VIC.

Security on offer had been a commercial/mixed-use property in Smiths Gully, a village northeast of Melbourne’s CBD. The property consisted of two buildings – the first building included a well-established general store complete with an Australia Post outlet, commercial kitchen, and popular café dining room. The second security property was a residential property with three bedrooms, two bathrooms, and a garage.

Why PMA?

The borrowers could not secure bank finance because the bank would not have been able to provide approval on time.

PMA Solutions

The borrowers required to pay a deposit urgently to secure the purchase and bank finance was going to take a while. PMA agreed to leave the current mortgage with their bank and offered a second mortgage to help provide the required deposit to secure the property. 

Exit

The exit strategy was to refinance to a standard mortgage.

Details