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Securing a tightly held land lease home with our single-security solution
Background
Managing two property transactions can be complex and costly. Many retirees face difficult choices, such as selling their home first (risking temporary accommodation), or liquidating investments or superannuation to fund their next property.
Let’s take a closer look at their single security bridging loan:
- Loan amount: $634,400
- Market value of outgoing property: $2,250,000
- LVR: 28.23%
- Loan term: 12 months
- Exit strategy: Sell existing home rather than liquidate investments
Our Objective
To help our client secure a land lease retirement home without requiring them to:
- Sell their existing property first
- Liquidate millions in super or investments
- Undergo income verification or make monthly repayments
Our Solution
A single-security bridging loan was smooth and efficient
- Conditional approval within hours of application
- Settlement within four weeks, meeting their timeframe comfortably.
- Completed the sale of their home and discharged the loan within one month
- No remaining loan balance, meaning they were mortgage free in their new property.