Fully Invested

Paynesville, VIC

Residential Development site

The Loan is secured by first registered mortgage over a future residential development site located in Paynesville, VIC.

The Security Property comprises a vacant irregular shaped site, zoned 'General Residential' on 10.7ha land, with 7.62ha being developable. It is situated on an elevated position, with extensive views over Lake King and over the hinterland.

The purpose of the Loan was to refinance a previous Balmain Discrete Mortgage Income Trust (BDMIT) sub-trust known as the Fullarton Drive Sub-Trust. Investors in the previous sub-trust have been fully repaid.

A Planning Permit proposing a subdivision scheme for 59 north facing lots, the development of an additional road and extensions to Fullarton Drive has been lodged and awaiting approval.

The subject property is well located near important services and amenities with a Ritchie's IGA 2km south east, Eagle Point foreshore 500m north, Paynesville ferry and foreshore 2km south east, and Paynesville Primary School 1.5km south.

The Borrower Group and Directors are highly experienced in property investment and development, developing well regarded residential properties similar to that of this Loan, over the last 17 years.

  • The Loan was advanced at a Loan to Value Ratio of 60%.
  • The Target Return is 8.95% p.a., net of fees and expenses, and is paid to Investors monthly in arrears.
  • The Loan is supported by Directors' 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 Manager has assessed the financial position of the Borrower and Guarantors 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 June 2023 to 26 June 2024.

Investment Details

  • Target Return
    8.95% net
  • Loan to Value Ratio
    60%
  • Term
    1 Month

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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