Property Acquisition Loan- Bundaberg West, QLD
The Borrowers have backgrounds in property development and have completed projects in Mango Hill, QLD.
The purpose of this loan is to complete the purchase of two adjoining residential properties in Bundaberg West, Queensland.
The Borrowers can’t get bank finance as their financials do not support further lending.
Security on offer are the two adjoining residential properties on 1,644msq land in Bundaberg West, Queensland. The first property is a three bedroom house and is currently tenanted at $290/week rent. The second residence is vacant at present. The entire property has 3 titles and had a DA for development of 4 units but that DA has expired. The property is in Bundaberg’s Medical precinct.
The exit strategy is to finish the Building Approval and refinance out to a development funder.
This loan has a 3 month pre-paid loan term, with the option for 3 monthly extensions.
Details
Security Property Valuation: $730,000
Loan Amount: $430,000 (First Mortgage)
LVR: 58.90%
Term: 3 months prepaid plus 3 monthly extensions
Ready to discover how PMA can help provide finance solutions for your business (or your client's business)? Submit a scenario now and we'll get in touch (4-business hours response time guaranteed!)
