If a Borrower requires urgent settlement finance, Private Mortgages Australia is able to assist. In this case the Borrower has a background in property investment and is seeking funds to complete the purchase of a property in Nowra. The purchasers’ finance has fallen through and the vendor has issued a recession notice.
Bank finance is not available due to the need for urgent settlement.
The security is a First Mortgage over property being purchased in Nowra and a Second Mortgage over additional investment property in Worrigee. Principal Place of Residence will also be used as collateral security.
The exit strategy is the sale of Nowra security property.
Security Property Valuation: $1,175,000
Loan Amount: $372,250 (First/Second Mortgage)
Existing First Mortgage: $448,000
Term: 2 months plus 6 monthly extensions