Struggling to Secure Bank Finance? See How PMA Provided a $287K Second Mortgage Solution!
Scenario
The Borrowers had backgrounds in property investment and operated a real estate business.
The purpose of this loan was to repay the current investment loan using their owner-occupied commercial property as security.
The security offered was a commercial complex situated on 20,000 sqm land.
Why PMA?
The Borrowers were unable to secure bank finance as their financials were not yet ready.
PMA Solution
PMA obtained fresh valuation of the commercial security on offer, Deed of Priority from the current bank and released equity to clear their current debt of an unrelated development property
Details
Loan Amount: $287,000 (Second Mortgage)
Property Value: $1,060,000
LVR: 70.00%
Term: 12 months prepaid plus 3 monthly extensions
Broker Commission*: Referrer Fee 1% + GST = $2,940 Service Fee 1% + GST = $2,940
Total = $5,880
*with no clawback
Exit
The exit strategy was to refinance once the financials were prepared.
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!)
