Chatswood, NSW
Residential property - future redevelopment potential
The Loan is secured by a first registered mortgage over a residential property with future redevelopment potential located in Chatswood, NSW, approximately 10km north of the Sydney CBD.
The Security Property has a land area of 565.8m2 and is improved with a double storey conventional style residential dwelling.
The Security Property has been successfully rezoned from 'R2 Low Density Residential' to 'B4 Mixed Use' under the Willoughby Local Environmental Plan 2012.
The Borrower Group are experienced property developers, who have completed numerous developments across Sydney over the past 15 years. They also operate a successful IT business. The Group is well known to the Manager and all previous loans have been conducted in a prompt and punctual manner.
The purpose of the Loan was to refinance existing debt and to provide an equity release to assist in predevelopment works.
- The Loan was advanced at a Loan to Value Ratio of 25%.
- The Target Return is 9.20% p.a., net of fees and expenses, and is paid to Investors monthly in arrears.
- The Loan is supported by multiple joint and several guarantees and a General Security Agreement over the Borrower.
- Interest for the initial 3 months of the Loan Term has been lodged on deposit with the Manager, with interest top-ups required quarterly.
- The Loan Term is 18 months, subject to early or late repayment, from 30 May 2023 to 29 November 2024.
Investment Details
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Target Return
9.2% net -
Loan to Value Ratio
25% -
Term
7 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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