$545K Bridging Loan Across Three Suburbs in Melbourne's North-West
- •Loan Amount: $545,000
- •Location: Aberfeldie, Kealba and St Albans, VIC
- •Security: Residential properties in Aberfeldie, Kealba and St Albans
- •Use of Funds: Funding shortfall at settlement
- •Exit Strategy: Refinance
- •Loan Product Type: Bridging Loan
The Scenario
The borrower had a settlement due and was $545,000 short of the funds needed to complete it.
The long-term answer was already in progress: a refinance that would provide the money. It would not be approved and settled before the settlement date, though, and a missed settlement can bring default notices and penalty interest.
The borrower owned several residential properties across Aberfeldie, Kealba and St Albans, with enough combined equity to secure a short-term loan while the refinance completed.
The Solution
Secured Lending settled a $545,000 bridging loan secured over the borrower's residential properties in the three suburbs.
Taking security over several properties, rather than one, meant the loan was supported by the combined equity in all of them, not by the value of a single home.
The loan covered the shortfall with urgent bridging finance, so the settlement completed on its due date. It is repaid in full when the refinance settles.
The Outcome
- •$545,000 provided to complete a settlement on time
- •Secured by residential properties in Aberfeldie, Kealba and St Albans
- •Settlement met on its due date rather than delayed or defaulted
- •Repayment set to come from the refinance already in progress
Why This Scenario Required a Private Lender
The borrower did not need a new long-term loan. The refinance was already being arranged. What they needed was money for the weeks between the settlement date and the day the refinance completed, and a bank's approval process for a loan of that kind usually takes longer than that gap.
We lend on the value of the properties and the refinance that will repay the loan. With residential properties in three suburbs as security and a refinance already underway, a loan like this can be approved and settled within days.
If a settlement is at risk because longer-term finance will not be ready in time, speak to our team. We lend across Melbourne and can usually give an indicative answer the same day.
Get an indicative offer within hours, not weeks.
No credit check. No obligation.
Why Secured Lending?
Are you a broker? Find out why brokers love working with us.
Get an indicative offer within hours, not weeks.
No credit check. No obligation.
Why Secured Lending?
Are you a broker? Find out why brokers love working with us.
