Property Purchase- Maroochydore, QLD
The Borrowers have backgrounds in property investment and they currently own an investment property in Northam, Western Australia.
The purpose of this loan is to complete the purchase of a new investment property in the same area.
The Borrowers can’t get bank finance as their latest financials are not up to date.
Security on offer is the unencumbered residential property in Northam, WA. The property is on 1,034msq land which comes with three bedrooms, bathroom, and a garage.
The Borrowers have also offered the property they are purchasing in Northam, WA as an additional security. The property is on 9,693msq land which comes with five bedrooms, two bathrooms, and a garage.
The exit strategy is to complete the subdivision of an unrelated property and sell the lots to repay debt.
This loan has a 9 month pre-paid loan term, with the option for 3 monthly extensions.
Details
Security Property Valuation: $950,000
Loan Amount: $570,000 (First Mortgage)
LVR: 60.00%
Term: 9 months prepaid plus 3 monthly extensions
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