Property Refinance – Ventnor, VIC
The Borrowers have backgrounds in operating an architecture firm.
The purpose of this loan is to refinance an existing loan that is due to mature at the end of August 2024.
The Borrowers can’t get bank finance as their financials do not support further borrowing.
Security on offer is the Borrower’s principal place of residence in Ventnor, a small town on Phillip Island in Victoria. The property is fully renovated on 659msq land and comes with three bedrooms, two bathrooms, and a garage.
The exit strategy is to use business cashflow to pay out the loan.
This loan has a twelve month pre-paid loan term, with the option for two monthly extensions.
Details
Security Property Valuation: $830,000
Loan Amount: $122,00 (First Mortgage)
LVR: 14.70%
Term: 12 months prepaid plus 3 monthly extensions
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