Refinance Existing Loan- Multiple Locations
The Borrowers have a background in property investment.
The purpose of this loan is to refinance existing loans from another private lender that are due to mature. The Borrowers have decided not to continue with the current lender and shop for better interest rate.
The Borrowers can’t get bank finance as they are unable to satisfy bank servicing requirements.
Security on offer comprises of six investment properties in Middleton Grange, NSW (investment property), Maitland, NSW (investment property), Leppington, NSW (investment property), Forest Lake, QLD (investment property), Nambour, QLD (investment property), and Pakenham, VIC (collateral security).
The exit strategy is to refinance to another private lender or sell to repay debt.
Details
Security Property Valuation: $6,470,000
Loan Amount: $1,555,000 (Second Mortgage)
LVR: 73.39%
Interest Rate: 17.50%
Term: 6 months prepaid plus 3 monthly extensions
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