Refinance A Private Loan- Coolangatta, QLD
The Borrowers have backgrounds in property development and have completed various projects in Gleneagles and Tweed Heads South. We previously assisted the borrower with the project in Tweed Heads South where they completed a 156 lot subdivision over 15 stages. The loan was repaid in July 2019.
The purpose of this loan is to refinance an existing loan that is maturing at the end of this month.
The Borrowers can’t get bank finance as their latest financials are not up to date.
Security on offer is a beachfront apartment in Coolangatta, a coastal suburb on the Gold Coast, Queensland. The apartment is 100msq and comprises a spacious bedroom, one bathroom, and a carpark.
The exit strategy is to refinance out once financials are prepared.
This loan has a 6 month pre-paid loan term, with the option for 6 monthly extensions.
Details
Security Property Valuation: $740,000
Loan Amount: $555,000 (First Mortgage)
LVR: 75.00%
Term: 6 months prepaid plus 6 monthly extensions
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