Residential Development Site Purchase for Future Land Subdivision- Warrnambool, VIC
The Borrowers have backgrounds in property investment and own another investment property in Ballarat Central, VIC.
The purpose of this loan is to complete the purchase of a residential development site for future land subdivision in Warrnambool, VIC.
The Borrowers can’t get bank finance as their latest financials are not up to date.
Security on offer is the residential development site in Warrnambool, VIC. The property is on 9,332msq land which comes with a three bedroom house with one bathroom and a garage.
The exit strategy is to complete financials and refinance out to construction finance.
Details
Security Property Valuation: $500,000
Loan Amount: $350,000 (First Mortgage)
LVR: 70%
Term: 3 months prepaid plus 3 monthly extensions
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