4
Feb
February 4, 2014
in Scenarios
A $410,000 loan was given to a sole trader in Victoria to prevent him from losing his assets.
Existing short term funding expired and lender was unwilling to renew facility. The client had also been given a court order to repay the funds and no other lender would provide finance. Three second mortgages were taken as security and NWC was able to save the clients property.
Exit: Refinance with mid major.