Residential property with future development potential.
The Loan is secured by a first registered mortgage over a residential property in Blackburn, VIC, 25km east of the Melbourne CBD.
The Security Property comprises a residential property on an irregular shaped 560m² lot. Erected on the land is a circa 1970 double storey brick veneer dwelling.
The purpose of the Loan was to acquire the Security Property. The Borrower intends to seek Council approval to demolish the existing structure and construct a new 4 bedroom plus study, 2 bathroom, modern residential property.
Blackburn is well serviced by supporting amenities including Forest Hill Chase Shopping Centre situated a short distance south and a local shopping strip along South Parade to the north west, together with rail and bus services in all directions.
The Sponsor is an experienced builder who has also owned and operated numerous businesses in the residential real estate industry including a real estate agency, conveyancing, and small scale development.
- The Loan was advanced at a Loan to Value Ratio of 65%.
- The Target Return is 5.70% p.a., net of fees and expenses, and is paid to Investors monthly in arrears.
- The Loan is supported by joint and several guarantees and a General Security Agreement over the Borrower.
- Interest for the Term of the Loan has been lodged on deposit with the Manager.
- The Loan Term is 12 months, subject to early or late repayment, from 11 February 2022 to 10 February 2023.
Target Return5.7% 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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