Property Purchase Loan- Royston Park, SA
The Borrowers have backgrounds in property development and property flipping for 10 years. They are also property investors and currently own investment properties in St Agnes, Goolwa South and Ridgehaven.
The purpose of this loan is to complete the purchase of a residential development property in Tea Tree Gully, SA.
The Borrowers can’t get bank finance as this is a short term loan and is unable to satisfy traditional banks’ policies.
Security on offer is a residential property in Royston Park, a suburb of Adelaide, SA. The property is on 790msq land which comes with four bedrooms, two bathrooms and a spacious garage.
The exit strategy is to sell the fully renovated property to repay the debt.
Details
Security Property Valuation: $1,800,000
Loan Amount: $575,000 (Second Mortgage)
LVR: 59.44%
Term: 12 months prepaid plus 3 monthly extensions
