Urgent Fund

A borrower required an urgent cash flow for their fabrication business

Overview

A borrower required an urgent cash flow for their fabrication business and to also pay off a caveator within 5 business days. However, due to the bank servicing standards they are not able to meet the requirement to acquire a loan let alone in the correct time frame even though they had multiple properties across Sydney.

Their securities was mortgaged to 2nd tier lender with 62.7% LVR and they are looking to cash out another 10% as a 2nd mortgage.

Maxiron Capital was able to loan $400K with an LVR slightly higher than 73%. The loan had capitalised interest for 6 months plus another 6 months extension.

Summary

Loan Info
Details
Marrickville property
$1.5M
Bankstown property
$1.1M
Bass Hill property
$1.15M
Mortgage owing:
$2.35M combined
Loan amount:
$400K
Term:
6 months with 6 months extension option
Setup fee:
2.75%
Exit strategy:
sale of property