• Retired applicants (no servicing) seeking bridging finance
  • Selling: 71 Corfield Street, Point Vernon QLD 4655 = $390,000
  • Purchasing: 24 Eric Street, Torquay QLD 4655 = $250,000
  • Existing mortgage to refinance against Point Vernon security = $16,000
  • Capitalize interest over term
  • Point Vernon on the market now
  • Signed contract for Purchasing property. Cooling off expires 14 days from 25/07/2015
  • Seeking approx. $300,000 total loan (50% LVR) to pay existing mortgage, purchase new security and cap interest and fees

The applicants had purchased the residential property some 4 ½ years before approaching GCC for this facility. During that time they had renovated the property extensively. Their existing facility with their bank was $2.5M which was used predominately to renovate and improve the property.

The clients wished to refinance this facility and have cash out of an additional $2M which would increase the facility amount to $4.5M, however they could not provide financials to demonstrate serviceability so their existing bank was unable to assist.

Solution
GCC was approached to facilitate the finance request. GCC ordered a valuation which came in at $10M. We secured and settled a facility of $4.5M from a private lender without the need for financials, at a rate which was competitive compared to the prevailing Bank rates.

 

Amount: $4,500,000
LVR: 45%
Rate: 8.25% pa

Our client was a semi retired developer who needed to refinance his existing property located on the beach front just south of Sydney.

The clients existing facility was in 3 months arrears and the borrower could not demonstrate serviceability, however his intention was to sell the property.

Solution
GCC secured an approval via one of our private lenders for a $2.2M facility for 12 months which included 6 months interest prepaid within the facility to allow the borrower sufficient time to sell one of the units.

 

Amount: $2,200,000
LVR: 65%
Rate: 9.00% pa

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