We advanced $3 million to refinance a Private Lender.
We were approached by a broker as his Client’s existing loan was due to expire in a week.
Notwithstanding earlier representations, the Client was advised by the Lender ‘the investor wants their money back’ (read: we are going to charge you default interest). Both the Client and the Broker knew that if the loan defaults, they will be charged with large default fees and interest.
After organising legal documents, Secured Lending advanced $3,000,000 to refinance the existing private lender. The loan was secured by second mortgages over the client’s existing properties across NSW.
Lessons for brokers: promises are promises, don’t bank on them. Secondly, be careful of lenders that have no control over someone else’s money.
If you want to chat through any scenarios please contact Gino Tabila on 0416 798 187 or myself on 0427 277 162 to discuss a scenario or email your client’s requirements through to email@example.com and we will get back to you quickly.
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