Residential Property Purchase- Multiple Locations, VIC

The Borrowers have backgrounds in property investment and construction. They currently own a construction company and have investment properties located in Victoria and Queensland.

The purpose of this loan is to complete the purchase of another residential property in Elwood, a popular beach side suburb on the south of Melbourne’s CBD.

The Borrowers can’t get bank finance as their financials do not satisfy traditional lenders servicing requirements.

Security on offer comprises of three investment properties in Cranbourne West, VIC (commercial property), Noosaville, VIC (commercial property), and Noosaville, VIC (residential property with three bedrooms, two bathrooms, double car garage, an inground swimming pool, and an alfresco entertainment area).

The exit strategy is to sell either their Principal Place of Residence located in Elwood, VIC or a holiday home located in Sorrento, VIC.

Details

Security Property Valuation: $4,510,000

Loan Amount: $902,000 (Second Mortgage)

LVR: 63.37%

Interest Rate: 17.00% p.a.

Term: 6 months prepaid plus 6 monthly extensions