The clients had not borrowed money from a bank for over 2 decades, and were unaware of the difficulties in securing bank funding in the current climate.
The clients were semi retired and so could not prove serviceability in the way a bank requires.
Luckily, they had a lot of equity in existing properties, which allowed us to structure a loan utilising the equity in their property portfolio.
we were able to deliver a funding solution, from start to settlement, within 3 days, meaning the borrowers did not lose their deposit and in turn incur potential further legal action.
Loan Amount:$2,785,000
LVR:41%
Location:Mornington Peninsula
Security Properties:Purchase Property (Commercial) & an additional Rural property that was unencumbered.
Exit Strategy:Sale of Rural Property
Settlement Timeframe:3 business days
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