A MELBOURNE PROPERTY DEVELOPER SEEKING TO PURCHASE VACANT LAND WITH DA APPROVAL
Borrower required $3,500,000 for purchase of large block of vacant land with DA and Subdivision approval. The borrow had already pre sold two lots and exchanged contracts on another two lots.
Borrower required $3,500,000 for 6 months to purchase vacant land with DA and Subdivision approval.
DJ Capital Resolution
The Bridging Finance loan was approved and funded within 7 business days allowing the borrower to purchase the vacant land and shortly after settle on the two pre sales. DJ Capital secured the loan against each lot and the borrower decided to use the proceeds of the two pre sales to make an early repayment. The remaining balance to be repaid by sales of lots over the 6-month period.
- Term - 6 months
- Exit Strategy – Sale of Asset or Refinance with Bank Lender
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A Melbourne property developer seeking to purchase vacant land with DA approval