First Mortgage Facility for luxury home purchase – Sorrento VIC

First Mortgage Facility for luxury home purchase – Sorrento VIC

BACKGROUND

DFP was engaged by the borrower to obtain a first mortgage facility for the settlement of a purchase of a luxury residential home located in Sorrento, Victoria. The borrower notified DFP to arrange urgent finance for the settlement of the property after approaching a number of banks with little success in the current market. 

 

LOCATION OF PROPERTY

Sorrento, VIC

 

THE ISSUES: URGENT SETTLEMENT FUNDING FOR HIGH END LUXURY RESIDENCE

The client was seeking urgent finance approval for a fast approaching settlement deadline following approaching a number of usual bank options with no luck in the current market.

 

THE SOLUTION: FIRST MORTGAGE FACILITY

Development Finance Partners (DFP) was engaged to provide an urgent funding solution.

DFP arranged a three year facility for $1.75M at an LVR of 70% approved with a new valuation completed and settled in under 3 weeks.

 

THE RESULTS DFP DELIVERED

  • Finance – Secured: Terms Approved May 6 with a valuation completed and settlement ready for May 29.
  • Term: Three (3) years 
  • Loan Amount: $1,750,000 at LVR 70%

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