Property developer in trouble
Property developer in trouble
When John came to us the bank had already taken possession of his development site. He was out of term with his original loan for various reasons and was firstly looking to get his property back and then continue with the development. The overall development was in 3 stages with the first stage having been completed. He required funds to firstly payout the bank and then complete the works for the DA on the second and third stages.
Our Solution
We structured a short term facility to firstly payout the bank to stop their legal action,
and remove the receiver/managers..
Then using the available equity, we were able to organise a private loan on a 12 month term to payout the short term facility, gain the additional funds required for the DA, pay all costs and also prepay the interest for the loan term so John had no monthly payments for 12 months.
Once the DA was completed the property was re-valued and addional funding was available to complete the site works.
We not only assist in the straight forward transactions , we also specialise in assisting clients get back on track after experiencing issues with their financial situation. We understand that sometimes life happens. If you are a company or commercial borrower and have equity in property, then in 90% of cases we can assist.
We can set up a loan facility to get you back on track ready to return to a mainstream lender or buy you time to sell on your terms not the banks.