Residential Development Site Purchase-Mooreville, TAS
The Borrowers have backgrounds in construction and are qualified quantity surveyors and building estimators with over 12 years’ experience.
The purpose of this loan is to complete the purchase of a residential development site of 7.89 hectares and complete a subdivision in Mooreville, Tasmania.
The Borrowers can’t get bank finance as their latest financials are unable to satisfy traditional lenders’ servicing requirements.
Security on offer is the residential development site in Mooreville, a hamlet situated near Shorewell Park and Downlands, Tasmania. The property will be subdivided, developed and then sold.
The exit strategy is to refinance out to construction finance.
Details
Security Property Valuation: $950,000
Loan Amount: $522,500 (First Mortgage)
LVR: 55.00%
Term: 6 months prepaid plus 6 monthly extensions
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