The Borrowers requested a twelve-month loan to refinance their current facility from CEG Direct Securities (CEG). The loan will be secured by a registered first mortgage over a residential property in Piara Waters (WA) and a rural-residential property in Bedfordale (WA), at a 51% loan to value ratio.

The Piara Waters property is a circa 2013, four bedroom, two bathroom house on a 576 sqm block. The Bedfordale property is a 9.60 ha site and comprises two, four bedrooms, two bathroom houses, a granny flat and sheds. The total combined value of the security properties is $3,090,000.

The loan is expected to be repaid via refinancing from a long-term lender. As the sisters had successfully secured a mainstream funding facility previously and anticipate sound FY18 financials, they expect to secure long-term finance again. With positive operating financials and a sub, 55% loan to value ratio, refinance from a mainstream bank or a second-tier lender is deemed feasible.