Property Purchase & DA Loan- Beerwah, QLD
The Borrowers have backgrounds in property investing.
The purpose of this loan is to complete the purchase of a residential property in Beerwah, QLD with the balance of funds to be utilised to progress DA and design drawings.
The Borrowers submitted a loan application with another private lender but the process is taking too long and they need to settle on the 27th November.
Security on offer is a residential property in Beerwah, QLD. The property is on 2,023msq land which comes with a four bedroom house with two bathrooms, and a garage. The Borrowers have also offered a 3-bedroom townhouse in Mudjimba, QLD as additional security.
The exit strategy is to obtain DA and refinance to a development loan.
This loan has a 12 month pre-paid loan term, with the option for 3 monthly extensions.
Details
Security Property Valuation: $1,810,000
Loan Amount: $1,267,000 (First Mortgage)
LVR: 70.00%
Term: 12 months prepaid plus 3 monthly extensions
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