Business Loan on a House and Land Package in Newcastle
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| Prime Finance’s Weekly Scenario |
Scenario:
Prime Finance was approached by a broker who had a builder as a client needing short term funding of $450,000.00 for 6 months on a house and land package in Newcastle NSW.
Solution:
Prime Finance did this as a 1st mortgage and settled on the land within 4 business days. The construction of the dwelling will be done with several drawdowns. The LVR was around 65%, a valuation was not required.
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