Property Purchase – Cobram, VIC
The Borrowers have backgrounds in property investment and development. They purchase land properties to either subdivide and/or develop and sell. They currently own other investment properties at Thornhill Park and at Fraser Rise in Victoria.
The purpose of this loan is to complete the purchase of a DA approved site for 84 residential lots in Cobram, a town on the Murray River in Victoria.
The Borrowers can’t get bank finance as their latest financials do not support further lending.
Security on offer is the investment property in Cobram, Victoria. The property is a vacant block of land on 9.14ha with a DA approval for 84 residential lots.
The exit strategy is to refinance out to a construction loan.
This loan has a twelve month pre-paid loan term, with the option for three monthly extensions.
Details
Security Property Valuation: $3,295,000
Loan Amount: $1,812,250 (First Mortgage)
LVR: 55.00%
Term: 9 months prepaid plus 3 monthly extensions
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