Residential development site
The Loan is secured by a first registered mortgage over a residential development site located in the established residential suburb of Loganholme, QLD, approximately 30km south east of the Brisbane CBD.
The Security Property comprises a 1,892m2 infill redevelopment site. The site is zoned Low-Medium Density Residential and holds development approval for construction of 30 residential apartments to be spread across one (1) x 3 storey building and one (1) x 4 storey building.
The purpose of the Loan was to refinance existing debt used to acquire the Security Property.
The Loan is anticipated to be refinanced for construction once the building contract is finalised, consultants engaged and a sufficient level of pre-sales is achieved to meet construction funding requirements.
The directors of the Borrower are experienced property developers who, in 2019, completed an almost identical project adjoining the Security Property.
- The Loan was advanced at a Loan to Value Ratio of 65%.
- The Target Return is 7.45% p.a., net of fees and expenses, and is paid to Investors monthly.
- The Loan is supported by joint and several guarantees and a General Security Agreement over the Borrower.
- The Loan Term is 9 months, subject to early or late repayment, from 24 February 2021 to 23 November 2021.
Target Return7.45% net
Loan to Value Ratio65%
Full details, unique to each investment, are provided to Investors in a Supplementary PDS. These detailed Supplementary PDS’s are only available to Investors in Balmain Private.
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