Residential Subdivision – Bay of Plenty
Loan Amount:
$4.6M
Interest Rate:
9.50% p.a.
Loan Term:
15 Months
Location:
Tauranga
Background
Loan Purpose:
- To fund the completion of a 23-lot residential sub-division.
- 50.5% LVR (based on on-completion value)
- Well-located subdivision, close to the CBD and amenities.
- The borrower pre-sold 48% of the sections, and planned to complete house & land packages on the remaining sites.
- 100% of fees and interest costs provisioned within the loan amount.