Property Purchase and Renovation- Longwood, SA
The Borrowers have backgrounds in property renovations and shopfitting.
The purpose of this loan is to complete the purchase of a residential property for renovation in Hahndorf, SA.
The Borrowers can’t get bank finance as their latest financials are not up to date.
Security on offer is first mortgage on a residential property in Hahndorf and a second mortgage behind ANZ over the Borrowers’ principal place of residence in Longwood, Adelaide Hills, South Australia. The property is on 2.27ha land which comes with three bedrooms, two living rooms, bathroom, and a garage.
The Borrowers have also offered the property they are purchasing in Hahndorf, SA as an additional security. The property is on 400msq land which comes with four bedrooms, two bathrooms, and a carport.
The exit strategy is to freshen up the new purchase, complete cosmetic renovations and sell.
This loan has a 6 month pre-paid loan term, with the option for 6 monthly extensions.
Details
Security Property Valuation: $2,950,000
Loan Amount: $975,000 (First Mortgage) and $455,834 (Second Mortgage behind Big 4 Bank)
LVR: 75.00%
Term: 6 months prepaid plus 6 monthly extension
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