Hamlyn Terrace, NSW
Approved residential development site
This Loan refinanced the Sparks Road No.3 Sub-Trust. The loan was maintained by the Borrower in a prompt and punctual fashion and the Manager undertook a new credit assessment and renewed the Loan for a further Term with Loan documentation containing new Loan Terms and Conditions.
Investors in the previous Sparks Road No.3 Sub-Trust have been fully repaid.
The Loan is secured by a first registered mortgage over a 7.253ha residential development site in Hamlyn Terrace, NSW, approximately 50km south of the Newcastle CBD and 90km north of the Sydney CBD.
The Borrower has achieved DA approval for a residential subdivision comprising 88 lots to include 27 x 3 bedroom dwellings, 48 x 4 bedroom dwellings, nine (9) vacant corner lots and four (4) residue lots.
The Borrower is part of a large family owned property construction and development company based in Western Sydney. The Borrowing Group is well known to the Manager and previous loans have been conducted in a prompt and punctual manner.
- The Loan was advanced at a Loan to Value Ratio of 51%.
- The Target Return is 7.05% p.a., net of fees and expenses, and is paid to Investors monthly in arrears.
- The Loan is supported by personal and corporate guarantees and General Security Agreements over the Borrower and a related group entity.
- Interest payments for the initial 3 months of the Loan Term have been lodged on deposit with the Sub-Trust.
- The Loan Term is 18 months, subject to early or late repayment, from 1 April 2021 to 30 September 2022.
Target Return7.05% net
Loan to Value Ratio51%
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