Refinance and Equity Release – Mt Gravatt East, QLD
The Borrowers have backgrounds in property investment and development. They have developed properties in Bulimba and in Mount Gravatt East, QLD.
The purpose of this loan is to refinance an existing loan and to release equity to complete planned subdivision and development.
The Borrowers can’t get bank finance due to the short term nature of the loan and their financials are not prepared.
Security on offer is a vacant block of land in Mount Gravatt East, a southern suburb of Brisbane, Queensland. The property is on approximately 728msq land and is to be subdivided into two lots – they have already received signed contracts of sale for the two blocks. The Borrowers have also offered the neighbouring property (a four bedroom house with two bathrooms, and a 4-car garage) as additional security.
The exit strategy is to complete the subdivision of the first security property and finalise the sale of the two blocks, and complete the renovation of the house and sell to extinguish the debt in full.
This loan has a 4 month pre-paid loan term, with the option for 3 monthly extensions.
Details
Security Property Valuation: $2,650,000
Loan Amount: $1,722,500 (First Mortgage)
LVR: 65.00%
Term: 4 months prepaid plus 3 monthly extensions
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