With escalating construction prices, the builder was part way through a residential renovation of an investment property and was unable to secure funding through their existing bank. With mainstream banks taking months to process applications, the borrower needed a lender who could get the job done within a matter of weeks, so the property could hit the market in May.
Xceda was able to quickly provide the funds required, against a second mortgage, to get the job done. Xceda provided the Client with a refinance on the property up to 40% LVR to enable prompt completion of the project. The loan was structured as an Interest Only facility for 6 months, with a balloon payment on loan expiry.
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