Loan Spotlight: Metropolitan Perth, Western Australia
Angas Prime refinanced an investment portfolio of four residential properties in metropolitan Perth. Two dwellings were conventional residences in Darch with a home unit also located in Darch. All had sitting tenants. The fourth property located in nearby Carine was improved by a dwelling sited on a large block with two street access and potential as a development site. Angas Prime was well secured across this portfolio of assets and permitted the loan to be drawn to the maximum allowable LVR of 70%. Given their nature and location, the secured assets were considered to be readily liquid and this proved to be the case.
The borrower failed to repay the loan on expiry so Angas Prime took steps to realise its security. The Darch unit was vacant when the loan expired. Failing to reach accommodation with the borrower, Angas Prime served Default Notices, changed the locks and sold the Darch unit. Proceeds of sale cleared arrears and costs with the balance applied to principal reduction which lowered the LVR. The same process was followed with respect to the Carine property. Angas Prime was in communication with the borrower and its representatives throughout but the loan was not otherwise discharged.
The remaining security comprised the two Darch dwellings which were occupied so Angas Prime had to obtain a Court Order. The Sheriff delivered up possession to Angas Prime’s agent, the contents were carefully removed and the locks were changed. Following a marketing campaign, a contract of sale was entered into, subject to certain pre-conditions such as servicing the air conditioner. All sale expenses, cleaning, removalist and legal fees were paid in full from the sale proceeds as well as clearing outstanding loan principal and interest. Angas Prime delivered possession of the remaining Darch dwelling to the borrower leaving a cash surplus which was remitted.
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