Wollongong, NSW

Vacant residential development site

The Loan is secured by a first registered mortgage over a vacant residential development site located in Wollongong, NSW, approximately 85km south of the Sydney CBD.

The Security Property is an unimproved residential development site of 714.5m² on an east facing level lot.

The Security Property was unencumbered at the time of making the Loan.

The site is zoned ‘R1 General Residential’ and is located on the eastern fringe of the Wollongong CBD, approximately 250m from City Beach. Immediate surrounding land use is predominantly older style low rise residential apartments and townhouses, with a smaller number of undeveloped freestanding residences.

The Sponsor has substantial experience in commercial and residential property investment and development, completing over $200MM in projects across a range of sectors over the last 10 years.

The Borrower Group is well known to the Manager and previous loans have been conducted in a prompt and punctual manner.

The Manager has assessed the financial position of the Borrower and Guarantor as part of its credit approval process and is satisfied that they are collectively financially capable of supporting a loan of this nature.

• The Loan was advanced at a Loan to Value Ratio of 65%.
• The Target Return is 8.70% p.a., net of fees and expenses, and is paid to Investors monthly in arrears.
• The Loan is supported by a personal guarantee and a General Security Agreement over the Borrower.
• Interest for the initial 6 months of the Loan Term has been lodged on deposit with the Manager. The Manager has assessed the financial position of the Borrower and Guarantor as part of its credit approval process and is satisfied that they are financially capable to service (pay interest) a loan of this nature.
• The Loan Term is 12 months, subject to early or late repayment, from 27 April 2023 to 26 April 2024.

Investment Details

• Target Return

  8.7% net

• Loan to Value Ratio

  65%

• Term

  0 Months

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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