Caveat Loans are fast settling loans which are structured just for a short term of 1 to 12 months. Unlike normal forms of finance, these loans need to be able to settle quickly…. generally within 72 hours from the time the application is first lodged.
What is a caveat?
A caveat is a document that can be lodged on the government records of ownership (Title) of the secured real estate. A caveat will stop all other dealings on that property. This prevents the sale of the property or acts as a warning to other lenders that the property has been used for security.
What are the typical uses for Short Term Caveat Loans?
- Business growth
- Working capital
- Purchase plant and equipment
- Bridging (business/residential)
Short term caveat loan
Short term caveat loans are no longer than a 12 month period or as short as one month.
Prime Finance caveat loan product guides
1. Loans up to 1.5 million dollars
2. LVR up to 80% of as is value (terms and conditions apply)
3. Commercial loan rate is 1% per month
4. Loan term is 1 month to 12 months
Prime Finance acceptable caveat loan securities
· Residential properties in metropolitan areas
· Rural / Residential properties (population over 50,000)
· Commercial properties
· Industrial properties
· Vacant Land (in metropolitan areas only, LVR up to 75%)
Development sites (subject to terms and conditions)