Welcome to another Loan Lowdown. Here’s a snapshot of some of our bespoke loans from the past month. Our BDMs take the time to get to know your client and their circumstances, so that we can provide a lending solution that’s tailored to their needs.
- Equity release: We supported a client with an equity release over an unencumbered property and provided servicing costs for a building project. The property was a renovated residential villa in Dunedin with four bedrooms, two bathrooms and two garages on an 885m2 site. The term of the loan is 12 months, the interest rate is 9.85%, the LVR is 57% using a CMA and 9.85% rate.
- Refinance to complete construction: We helped a client refinance to complete stage one of a subdivision build in New Plymouth. The secured property was a two-storey, 410 m2 house with a separate one-bedroom dwelling on a 3.1-hectare property. The term of the loan was 12 months, with an interest rate of 10.85% and an LVR of 34%.
- Purchase and settlement of property: We helped a client settle on a lifestyle block in Hunua with a 273m2 four-bedroom house and 6,131m2 section. The loan term was 12 months, the LVR was 60% with an interest rate of 9.99%.
