$1.2m loan approved for South Auckland and Hamilton properties.

Silver Harbour Capital Limited recently settled a new loan for a borrower seeking funding to settle the purchase of two sections in South Auckland and to refinance lending against two additional Auckland based sections. A residential property in Hamilton was offered as additional security. A 12 month loan term was approved for the borrower to sell down the sections.

Whist current servicing was not met with the main banks, the sponsors hold senior roles in their respective fields and are solid risk assessment. The entire Credit Committee approved a $1.2m loan at 50% LVR.