60 Day Residential Bridging Loan to Settle on a Property in Newcastle

Scenario:

Prime Finance was approached by a broker who had a client needing a 60 day residential bridging loan of $180,000.00 to settle on a property in Newcastle.

Solution:

Prime Finance did this as a caveat over 2 properties, cross collateralised and settled in 7 business days. The LVR was around 75%. A valuation was required for one property, a contract of sale was used for the other.