Purchase Construction Supplies- Mickleham, VIC
The Borrowers have backgrounds in operating a timber flooring and roof trussing business.
The purpose of this loan is to provide additional business cashflow and purchase timber for other construction projects.
The Borrowers can’t get bank finance as their latest financials are unable to demonstrate serviceability.
Security on offer is the borrowers’ principal place of residence located in Mickleham, a suburb of Melbourne, Victoria. The unencumbered residential property was purchased in 2013 and the house has since been built.
The exit strategy is to refinance out once financials are prepared.
This loan has a 12 month pre-paid loan term, with the option for 3 monthly extensions.
Details
Security Property Valuation: $575,000
Loan Amount: $125,000 (First Mortgage)
LVR: 21.74%
Term: 12 months prepaid plus 3 monthly extensions
