1st & 2nd Mortgage Construction Transaction

Purpose of Loan: To provide a 1st and 2nd mortgage construction facility for the development of 11 residential units

Loan Limit: 1st Mortgage – $2,362,000
2nd Mortgage – $400,000

LVR: 1st Mortgage – 75% of Total Development Costs ex GST
2nd Mortgage – 88% of Total Development Costs ex GST

Loan Term: 12 months

Facility Type: Construction Loan

Interest Rate: Bank bills + 1.35% per annum + 1.35% line fee

Presales: 50% of debt cover