Equity Release to Assist with Purchase
Last month we were approached by a broker whose client was looking for an equity release on his existing properties to purchase a commercial shopfront for the expansion of his business.
He had been provided with a formal approval from another Lender, however had the facility amount reduced at the last minute due to the valuation coming in less than expected. This meant the Borrower had a shortfall of $350k to complete the purchase and was running out of time.
In 48 hours, we were able to provide an equity release against the remainder of his property portfolio for the shortfall, secured by second ranking mortgages.
The Secured Lending facility provided the borrower with 6 months to organise the sale of one of his investment residential properties and refinance of the residual debt.
If you or your client require urgent finance, contact us at 1300 795 175 or email info@securedlending.com.au
