Property Refinance- Kyneton, VIC
The Borrowers have backgrounds in property development and have completed land subdivision projects in Wagga Wagga and Shepparton.
The purpose of this loan is to refinance an existing loan that is due to expire this month.
The Borrowers can’t get bank finance as their financials do not support further borrowings.
Security on offer are two adjacent blocks in Kyneton, a village between Melbourne and Bendigo, Victoria. The first property is on 1,042msq land which comes with four bedrooms, one bathroom, a garage and a spacious carport. The second property is on 1,065msq residential property in Kyneton, VIC which comprises of three bedrooms, one bathroom, a detached metal garage and a sheltered workshop.
The exit strategy is to complete a subdivision into 5 blocks and sell for townhouse developments or as house and land packages.
This loan has a 3 month pre-paid loan term, with the option for 6 monthly extensions.
Details
Security Property Valuation: $1,525,000
Loan Amount: $805,000 (First Mortgage)
LVR: 52.79%
Term: 3 months prepaid plus 6 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!)
