Purchase of 36.8 Hectares Block of Land- Port Wakefield, SA
The Borrowers have backgrounds in operating an earthmoving business.
The purpose of this loan is to complete the purchase of a 36.8 ha block of land in Port Wakefield, a coastal town in North Adelaide, South Australia.
The Borrowers can’t get bank finance as their latest financials are not up to date.
Security on offer is the 36.8 ha of vacant block with a DA for land subdivision and future construction in Port Wakefield, SA. The property has been recently rezoned to residential to create 351 housing blocks with block sizes ranging from approximately 620m2 to 1000m2.
The exit strategy is to complete financials and refinance out to construction finance.
Details
Security Property Valuation: $2,190,000
Loan Amount: $1,288,750 (First Mortgage)
LVR: 58.85%
Term: 3 months prepaid plus 6 monthly extensions
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