Senior Clients over 70-year–old for Second Mortgage over LVR 75%

Client required funding to buy a new commercial retail (next to the clients existing commercial retail)

Overview

Broker approached us with the client required funding to buy a new commercial retail (next to the clients existing commercial retail) to expand the business with little cash low in the first stages, but a strong property portfolio. The new business has 15 retail outlets with stable rental income.

The client could not get bank finance as his age does not satisfy traditional banks’ servicing requirements. As the rental income from the security property provided sufficient debt servicing, Maxiron Capital was able to arrange the loan with Equity Release on First Mortgage Solution.

Summary

Longer assessment time required by bank / Non-bank lender ⟶ Maxiron Capital settled within 3 days | Helped client to prevent financial penalty

Loan Info
Details
Property Location
VIC 3103
Loan Purposes
Cash out for Business working capital and payout current caveat loan circa $285k.
Exit Strategy
Sale of Property
Security
2nd Mortgage on Residential Property
Property Value
$4,600,000 (mortgage $2,670,000 with CBA, $285,000 caveat loan)
Offered Amount
$840,000
Loan Term
12 months
LVR
76.3%
Our solution
We consider all age clients. Maxiron Capital supplied an immediate injection of short-term cash through a second mortgage, the client can payout the caveat loan and keep the business move.