Finance just in time for settlement!
When dealing with the illiquid asset that is real property security, time is not always on your side when it comes to settlement.
We recently had a borrower who went through this pinch. They had purchased a property off the plan and required finance ASAP to settle back in June 2022. While the banks were dragging their heels, Secured Lending was able to act with haste and provide finance in the timeframe needed.
The property was subsequently placed on the market, however, the sale period took longer than the borrower anticipated. With the buyer requesting a 42-day settlement period, the sale was set to be finalised 5 weeks after the original loan facility expiry date.
Secured Lending was able to provide an extension of 5 weeks to cater for settlement and once the 42-day period had expired, the borrower was able to pay down their facility in full, yielding the best result for all parties involved. Unlike some other lenders, we provide flexibility for borrowers and work with them to achieve their goals