Working Capital – Mount Martha, VIC
The Borrowers have backgrounds in property investment and they own several properties including residential, commercial / retail, and vacant blocks of land.
The purpose of this loan is to pay various business creditors and for additional working capital.
The Borrowers can’t get bank finance as their current financials do not support additional borrowings.
Security on offer is the sponsors’ principal place of residence located in Mount Martha, a suburb on the Mornington Peninsula in Melbourne, Victoria. The double brick property is on 3,002sqm land which comprises of four bedrooms, a large living room, a tennis court, and an outdoor swimming pool.
The Borrowers have offered a commercial property in Wangaratta, Victoria as additional security. This property is a double storey building that is multi tenanted including the Wangaratta branch of Commonwealth Bank of Australia.
The exit strategy is to to refinance out or sell one of the secured properties.
This loan has a twelve month pre-paid loan term, with the option for three monthly extensions.
Details
Security Property Valuation: $7,210,000
Loan Amount: $600,000 (Second Mortgage)
LVR: 68.24%
Term: 12 months prepaid plus 3 monthly extensions
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