Our Borrower was due to settle on a development site with a DA. He had thought that he had the funding in place, but 24 hours before settlement, the Lender confessed they will not be ready in time to settle.
This was significant for the Borrower as the value of the property had increased considerably.
We were approached at 4pm on Thursday and asked to settle a loan by 4pm Friday.
Secured Lending advanced the full amount which was secured via a first mortgage over the development site, plus a second mortgage over two (2) other properties owned by the group.
At Secured Lending, we have a team of in-house property experts who understand the complexities of DA Applications, construction and development sites. Secured Lending can approve loans in a matter of hours and settle in a day.