Borrower sought to refinance expiring private loan of $1.5m plus assist with development funding for another property development in the Darwin CBD; a total of $2.39m inclusive of one year’s capitalised interest.
Security is a vacant commercial site in the Darwin CBD, approximate 50% LVR.
Borrower is now free to hold the site until development timing is considered satisfactory whilst being able to continue with a pending project, also in Darwin.