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Today a South Australian broker is searching for a lender that can refinance a commercial loan of $3m, at an LVR or 66 per cent.
Broker Barry Schilling writes that the loan “ideally requires major bank lender with a commercial attitude”.
The clients run a family-owned human resources firm and legal practice and have accrued tax arrears as a result of the growth of the HR business.
The security is residential property, bank valued at $5m.
Both businesses are trading profitably, with EBITDA for the last two financial years about $500,000. A cost reduction program of $250,000 is also in place.
Commercial facilities including an increase to clear tax arrears are $1.57m. Home Loan facility is $1.73m.
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