Urgent Business Cashflow- Murrurundi, NSW
The purpose of this loan was to complete the purchase of a truck and trailer and for additional working capital for their business. The borrowers needed the finance quickly and couldn't wait for the banks to assess their application.
Security offered was a residential property on 2.4ha semi-rural land in Murrurundi, a rural town in the Upper Hunter Valley in New South Wales. The unencumbered property has a fully renovated house on 211msq land and comes with four bedrooms, two bathrooms, and a spacious garage.
The exit strategy was to refinance out as soon as financials are prepared.
Details
Security Property Valuation: $450,000
Loan Amount: $208,000 (First Mortgage)
LVR: 46.22%
Interest Rate: 8.05% p.a. + 2.20% p.a. management fee
Term: 3 months prepaid plus 3 monthly extensions
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