Second Mortgage Solution for Residential Project Completion and Equity Release
Scenario
The borrowers are highly experienced in property development. The loan was provided to refinance an existing facility, release equity, and secure additional funding to complete a premium residential project. This included high-end landscaping, quality finishes, and professional styling to present the property at its best ahead of sale.
The security property is a substantial residential home positioned on 972m² of land, featuring five bedrooms, two bathrooms, a double lock-up garage, and an outdoor entertaining area with a swimming pool.
Why PMA?
The borrowers were unable to obtain funding through a traditional lender because the project was already financed by a non-bank lender.
PMA Solution
This is an existing client of PMA. We were able to refinance the current debt and release equity to finalise the landscaping for another property.
Details
Loan Amount: $1,082,988 (Second Mortgage)
Property Value: $4,900,000
LVR: 70.00%
Term: 6 months prepaid plus 2 monthly extensions
Broker Commission*: Referrer Fee: $5,956.43 Broker Service Fee: $23,825.74
*with no clawback
Exit
The agreed exit strategy is the sale of the property to fully repay the loan.
Ready to discover how PMA can help provide finance solutions for your business (or your client's business)? Submit a scenario now and we'll get in touch (4-business hours response time guaranteed!)
