Refinance an Existing Loan- Molendinar, QLD
The Borrowers have backgrounds in property development and have completed development of over 140 townhouses in the Gold Coast area.
The purpose of this loan is to refinance an existing loan for a commercial property in Molendinar, QLD.
The Borrowers can’t get bank finance as their financials do not support further lending.
Security on offer is the commercial property in Molendinar, a mixed-use suburb in Gold Coast, Queensland. The property is comprised of six units which are all tenanted. A copy of the recent valuation has been obtained.
The exit strategy is to either sell this subject property or sell units from their Kingscliff development.
This loan has a 6 month pre-paid loan term, with the option for 6 monthly extensions.
Details
Security Property Valuation: $1,660,000
Loan Amount: $443,907 (Second Mortgage)
LVR: 65.00%
Term: 6 months prepaid plus 6 monthly extensions
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