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Bridging Loan Finance

A Bridging Loan usually taken out to solve a temporary cash shortfall that may arise when buying a property or business.

First and second mortgage finance is made available to clients who need to settle on a property but are unable to do so until the sale of another property. These loans help you settle on the purchased property without having to wait for the sale of the other property.

Also used by developers who have unsold stock they need to refinance pending a sale being achieved.

Specifications*:

  • Minimum Loan: $100,000
  • Maximum Loan: $5,000,000
  • Term: up to 12 months
  • LVR - up to 75% (GST exclusive if borrower is GST registered)
  • Minimum cash equity is normally 20%
  • Fixed and/or floating interest rates
  • Interest only or principle & interest repayments

Costs*: (these are industry standards)

  • Interest Rates:
    • 1st mortgage: 11% to 12%
    • 2nd mortgage: range from 13% to 14%
  • Lender Fees: range from 1% to 4%
  • Legal Costs: vary upon financier and your solicitor

The exact interest rate depends on the market conditions, strength of the securities and the credit risk associated with the application and the applicant.

 
 
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    * All of the above are subject to the property, business location and normal lending criteria and do vary depending on the particular lender.        
   

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