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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