Purpose: Purchase an investment property
Loan Amount: $5,000,000
Security Value: $9,000,000
LVR: 55.56%
Lender: Non-Bank Lender
The client had signed a contract of sale on a purchase for $9m and required funding as the settlement was in a month. He is a large property developer with a complex corporate structure, drawing income from a multitude of entities.
When reviewing his financial position, we established that going through a major lender would prove to be a lengthy process, unfavourable terms and no guarantee of approval in time so we opted to enquire with non-bank lenders. We were able to leverage our existing relationship with a non-bank lender and source a $5 million loan on a minimal documentation product that only required an accountant’s letter to support declared income for verification.
We were also able waive any interest only & investment rate loadings and settle on time given the quick turnaround on this type of loan product.