Licensed Builder who had laid the foundation and the first storey framework of a Residential Investment Property on unencumbered land became ill and was unable to work or continue with construction of the property.
Without income or the ability to continue with the construction the Borrower was looking at having to sell the land in its current state rather than realising the sale of a completed home which would have put the financing of future builds in jeopardy.
With Eastwood Securities providing a prepaid interest only Loan against the value of the land the Borrower was able to subcontract the building work to his sons.
The house was completed and sold at a good profit thus providing welcome funds for the Borrower to assist with getting back on track.
A couple mortgaged their home and their investment property with a bank to finance the purchase of a suburban supermarket business, in partnership with relatives.
The business suffered poor trading and partnership disputes leading to the business being closed. The bank subsequently took possession of the couple’s home and investment property.
The couple applied to Eastwood Securities to refinance their bank loan and we were able to pay out the bank with an interest only loan based on the equity in the property and confirmation of restoration of the couple’s income from a return to their former employment.
The couple have now successfully refinanced back to a Bank Loan Package.