$245K second mortgage. Settled in a week.
A Perth franchisee had a shopping centre site lined up for his Subway store and no way to fund the move. We arranged a $245,000 second mortgage over twelve months. No valuation, and it settled inside a week of the application going in.
The challenge.
The deal came to us through one of our broker partners in WA. Their client ran a Subway franchise inside a Perth service station and had the chance to move it into a shopping centre. More foot traffic, longer trading hours. Moving costs money before it earns any. Fit-out, the new lease, the move itself, and the weeks in between where the old store is winding down and the new one isn't open yet. The centre had a date. The finance kept stalling.
How we structured it.
The client had equity in property, so we went at it as a second mortgage: $245,000 behind the existing first, twelve-month term, placed with a private lender on our panel. The valuation was the part that decided the timeline. Ordering one on a property-backed facility adds two to three weeks. The client didn't have two to three weeks. This lender took the security on the evidence already in front of it and never sent a valuer out.
The outcome.
It settled within a week of the application going in. $245,000 over twelve months, and the relocation went ahead on the centre's timetable. The store trades out of the shopping centre now. Twelve months is deliberate. The facility has a job to do while the new site finds its feet, and it isn't meant to sit on the title past that.
Services behind this deal.
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