Debt Refinancing- Maroochydore, QLD
The Borrowers have backgrounds in property investment and development.
The purpose of this loan is to refinance an existing loan used for the purchase of two blocks of land in Maroochydore, a coastal city on the Sunshine Coast, Queensland.
The Borrowers can’t get bank finance as they wish to move quickly and cannot wait for the bank to take several months to assess the loan application.
Security on offer are two adjoining blocks with two houses in Maroochydore, Queensland. The residential properties were purchased in 2017 and the DA was obtained in 2022 for a 5-townhouse development.
The exit strategy is to refinance out to a development loan.
This loan has a 3 month pre-paid loan term, with the option for 3 monthly extensions.
Details
Security Property Valuation: $1,555,000
Loan Amount: $930,000 (First Mortgage)
LVR: 60.00%
Term: 3 months prepaid plus 3 monthly extensions
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