Summary
Loan Amount: $1.88 million
Loan Type: Bridging loan
Security: First mortgage over Gymea Bay property and two units in Broadmeadows, VIC
Loan Term: 2 months
Problem: Mainstream lender delays risked settlement default
Solution: Bridging loan approved and settled within 48 hours
The year 2021 has flown by, and for many, looming deadlines for refinancing or property settlements have arrived much sooner than expected.
Last week, one of our long-term broker referrers contacted us with a client in this exact situation, urgently needing a bridging loan.
The client was seeking fast bridging finance to settle the purchase of a property in Gymea Bay. With only three days left until settlement, delays caused by the usual red tape at a mainstream lender threatened to derail the deal.
He needed a short two-month loan term to give him breathing room while awaiting final bank approval.
Settlement was secured within 48 hours. Secured Lending provided a $1.88 million facility, backed by a first mortgage over the Gymea Bay property and two residential units in Broadmeadows, VIC.
To learn more, explore our Bridging Finance product or Urgent Business Loans, or contact us on 1300 795 175 or info@securedlending.com.au.
