The Block’s Shelley Craft offers a lesson in vendor finance.Advertisementhas proved to be somewhat of a poster boy for high-end property, given the gains on his previous homes and despite his day job.also outshone the best of the share price gains: it was purchased for $8.7 million in 2005 and sold for $14 million in 2018.
The award-winning YSG Studio design has resold for $11.5 million, the same price it last sold for three years ago. What wasn’t known at the time was Craft sold the house to a company, PSAFLH Pty Ltd, with vendor finance.Vendor finance is a private loan arrangement between a buyer and seller in which the buyer borrows some or all of the money from the seller. The loan is usually repaid in instalments with interest.
That one-year loan term expired in February and the property has been returned to the market with a guide of $6.75 million, representing a 25 per cent discount on the sale price., who is best known as the founding director of Australia’s first listed internet media company, LibertyOne.