Property Refinance- Ascot Vale, VIC
The Borrowers have backgrounds in property development along with the buying and selling of commercial assets.
The purpose of this loan is to refinance and assist in paying out former business partner’s interest in the Borrowers’ commercial property located in Footscray, a town in Melbourne, Victoria.
The Borrowers can’t get bank finance as their current financials are not yet prepared along with the urgent nature of the settlement.
Security on offer is a residential property in Ascot Vale, a northwestern suburb of Melbourne’s CBD, Victoria. The double storey property is on 372msq land which comes with four bedrooms, three bathrooms, and a garage. The Borrowers have offered another residential property in North Melbourne, Victoria as additional security. This property is on 607msq land which comes with two bedrooms, two bathrooms, and a garage.
The exit strategy is to refinance with a first tier lender.
This loan has a 6 month pre-paid loan term, with the option for 3 monthly extensions.
Details
Security Property Valuation: $2,200,000
Loan Amount: $679,864 (Second Mortgage)
LVR: 72.70%
Term: 6 months prepaid plus 3 monthly extensions
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