Property Refinance- Leopold, VIC
The Borrowers have backgrounds in property development and investment.
The purpose of this loan is to refinance an existing loan and to pay out ex business partner.
The Borrowers can’t get bank finance as they prefer to structure the loan with prepaid and capitalised interest.
Security on offer is a residential property in Leopold, an eastern suburb of Geelong, VIC. The property is on 5,245sqm land and has a single level dwelling that consists of four bedrooms, two bathrooms and a garage. The property is in the name of their company and the Borrowers are now updating the ownership.
The exit strategy is to refinance into development finance, subdivide the land into 10 lots and sell.
This loan has a 12 month pre-paid loan term, with the option for 3 monthly extensions
Details
Security Property Valuation: $1,350,000
Loan Amount: $877,500 (First Mortgage)
LVR: 65.00%
Term: 12 months prepaid plus 3 monthly extensions
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