Pre-Development Residential Property Acquisition – West Auckland

Pre-Development Residential Property Acquisition – West Auckland
Finance

Loan Amount:

$1,970,000.00

Funding lines

Interest Rate:

7.95% p.a.
Term

Loan Term:

12 Months

Location

Location:

Papakura, Auckland

Background

Loan Purpose:

  • To refinance existing loan and provision of funds to obtain Resource and Building Consent for the 3 security properties
  • The properties had been acquired to gain consent to subdivide and construct at least 19 townhouses on the land
  • LVR = 62%
  • Interest is serviced 100% by the client monthly
  • Repayment will be made by rolling into a development loan facility once Resource Consent is obtained prior to maturity of this loan