Our client required urgent funds to complete the purchase of a development site in Lara Victoria.

This property was contracted for purchase in December for $2,650,000. However due to various contract extensions the settlement figure was revised to $2,809,550. During this period our client obtained an approval for 201 dwellings distributed around a central community building with associated leisure facilities.

As the purchase had not been completed on schedule the vendor was becoming extremely frustrated with the constant delays and extensions (over 2 ½ years) and intended to cancel the sale which would have meant that our client would have lost their deposit and considerable working capital invested into the deal. With literally days left the borrower contacted GCC for a solution.

There was a valuation in place by a major valuer however they would not assign their valuation to a private non-bank lender.

Solution
GCC settled a loan through one of our non-bank private lenders who approved the transaction and without ordering a new valuation through their panel valuers.

 

Loan Amount: $1,700,000
LVR: 65%
Rate: 1.50% per month
Exit Fee: Nil
Term: 2 months
Speed: 4 business days

Our client owned an income producing commercial property in Adelaide CBD worth $34M with an existing first mortgage to a major bank in the sum of $22.5M. The borrower had an existing valuation from a reputable valuer.

As the result of a sale of another investment property the client had a Capital Gains Tax liability to the ATO in the sum of $1.00M and a Family Debt (that required urgent repayment) of $530K.

GCC was originally approached to facilitate a refinance of the entire facility to an LVR of 75% however the pressure from the ATO and the need to repay the family debt became intense and hence a short term solution was urgently required.

Solution
GCC arranged an approval for a $2.05M short term loan within one day. As there was an existing valuation from a reputable valer our lender was happy to proceed on that basis without the need for their own valuation and mortgage documents were prepared and ready to settle within 2 days taking a caveat as security initially. Exit strategy via refinance or sale.

 

Loan Amount: $2,050,000
LVR: 75%
Rate: 4.50% per month (No upfront lender fees)
Exit Fee: Nil
Term: 3 months
Speed: 3 business days (approved same day)

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