Our client was a semi retired developer who needed to refinance his existing property located on the beach front just south of Sydney.
The clients existing facility was in 3 months arrears and the borrower could not demonstrate serviceability, however his intention was to sell the property.
Solution
IKON Capital secured an approval via one of our private lenders for a $2.2M facility for 12 months which included 6 months interest prepaid within the facility to allow the borrower sufficient time to sell one of the units.
* Amount:$2,200,000
* LVR:65%
